Shareholders Advised to Take No Action Pending Board Review
IRVINE, Calif.–(BUSINESS WIRE)–CoreLogic Inc. (NYSE: CLGX) today confirmed that it received this morning an unsolicited proposal from Cannae Holdings and Senator Investment Group to acquire all outstanding common shares of CoreLogic for $65.00 per share in cash.
While Cannae and Senator had not previously expressed acquisition interest to the Company, CoreLogic’s Board of Directors, consistent with its fiduciary responsibilities, will carefully review the proposal with the assistance of financial and legal advisors to determine the course of action it believes is in the best interests of the Company and its shareholders. CoreLogic shareholders need take no action at this time.
CoreLogic continues to focus on successfully executing on its business plan to drive shareholder value, as evidenced by yesterday’s announcement of significantly increased revenue and EBITDA guidance for the second quarter of 2020. Prior to issuing this revised guidance, the Company had no knowledge of any acquisition proposal.
CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy, and protect their homes. For more information, please visit www.corelogic.com.
Safe Harbor / Forward-Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to expected future operating and financial results. Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include the risks and uncertainties set forth in Part I, Item 1A of our most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented, or superseded from time to time by other reports we file with the SEC. These risks and uncertainties include but are not limited to: any potential impact resulting from COVID-19; our ability to protect our information systems against data corruption, cyber-based attacks or network security breaches; limitations on access to or increase in prices for data from external sources, including government and public record sources; systems interruptions that may impair the delivery of our products and services; changes in applicable government legislation, regulations, and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data; difficult conditions in the mortgage and consumer lending industries and the economy generally; risks related to the outsourcing of services and international operations; our ability to realize the anticipated benefits of certain acquisitions and/or divestitures and the timing thereof; impairments in our goodwill or other intangible assets; and our ability to generate sufficient cash to service our debt. The forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Sard Verbinnen & Co.
George Sard/Jim Barron/Robin Weinberg