CoStar Group, Inc. said on Tuesday that it has made a superior proposal to acquire 100% of the equity interests of CoreLogic, a global property information, analytics and data company, for $95.76 per share.
Under the terms of the proposal, CoreLogic shareholders would receive 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock, representing a value of approximately $95.76 per share based on CoStar Group’s closing share price on February 12, 2021.
CoStar said its proposal represents 16.2% pro forma diluted ownership for CoreLogic shareholders in the combined entity, and a $15.76 per share improvement to the value of CoreLogic’s pending transaction as of February 12, 2021.
The offer is 20 percent higher than the $6 billion deal between CoreLogic and private equity firms Stone Point Capital and Insight Partners earlier this month.
On February 4, 2021, private equity firms Stone Point Capital and Insight Partners had agreed to acquire CoreLogic for $80 per share in cash, representing an equity value of approximately $6.0 billion.