CoStar Makes $7B Buyout Bid for CoreLogic
CoStar Group said Tuesday it had made a superior offer to acquire CoreLogic, which earlier this month agreed to a buyout by Stone Point Capital and Insight Partners for $80 per share. The Washington, DC-based commercial real estate data, analytics and marketplace platform said its all-stock offer of $95.76 per share, with an equity value of $6.9 billion, represented about $1 billion more in value to CoreLogic shareholders.
“There are significant cost synergies in this combination because there are potentially hundreds of millions of dollars in duplicative costs,” CoStar CEO Andrew Florance wrote in a letter to CoreLogic’s board Tuesday. “The basic technology required to search for listings and display data and photos on a map are the same whether the properties are office buildings or houses for sale.”
CoreLogic’s board on Tuesday acknowledged receiving the unsolicited CoStar offer and said it would “carefully review” the proposal.
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