CoStar Submits Revised Proposal To Buy CoreLogic

(RTTNews) - CoStar Group Inc. (CSGP) said that it has submitted revised proposal to acquire CoreLogic (CLGX). The revised proposal adds $450 million or $6.00 per share in cash to previous all-stock offer.

CoStar expects the CoreLogic board to deem the proposal to be a "Superior Proposal" within 48 hours.

As per 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 about $90 per share based on CoStar Group's closing share price on February 26, 2021 and about $97 per share based on the latest 30-day volume-weighted average CoStar share price.

CoStar said that 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.

According to CoStar, 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.