CoStar revises proposal to acquire CoreLogic

CoStar revises proposal to acquire CoreLogic

Commercial real estate data and marketing services company CoStar Group Inc. has submitted a revised proposal to acquire CoreLogic.

Under the terms of the new proposal, CoreLogic shareholders would receive $6.00 per share in cash and 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock, representing a value of approximately $90 per share based on CoStar Group’s closing share price on February 26, 2021 and approximately $97 per share based on the latest 30-day volume-weighted average CoStar share price.

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Costar said the new offer represents a $17 per share improvement over the Stone Point and Insight offer, which is equivalent to over $1.25 billion more in aggregate value.

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”The Stone Point and Insight offer now represents a 6% discount to CoreLogic’s latest closing price of $84.66, while the CoStar Group offer represents a 15% premium and implies pro forma diluted ownership of approximately 16.2% in the combined entity and $450 million in cash for current CoreLogic stockholders,” said in the statement.