Benzinga | Nov 6, 2020 09:05AM EST

TIG Advisors Sends Letter To CoreLogic Board, Urges Immediate Execution Of Efficient Auction Process

November 6, 2020

The Board of Directors

CoreLogic, Inc.

40 Pacifica, Suite 900

Irvine, CA 92618

Dear Members of the Board,

TIG Advisors, LLC, an SEC registered investment adviser, holds (through private investment funds and accounts over which it has investment discretion) approximately 2.3 million shares of CoreLogic, Inc. ("CoreLogic" or the "Company") as of the record date of September 18, 2020 for the Special Meeting of Shareholders scheduled for November 17, 2020. As shareholders, we are writing this letter to express our views regarding the Company's press release on November 3 regarding its ongoing strategic review.

Based on the information provided publicly by CoreLogic, multiple parties have expressed interest in acquiring the Company at approximately $80+ per share. The Company should immediately transition to running an efficient auction process. CoreLogic's hesitation to immediately capitalize on this opportunity is puzzling. The strategic review process that is currently ongoing was initiated with the sole intent to maximize shareholder value. The situation that has presented itself is without a doubt the best opportunity to deliver on that promise; therefore, we question what rationale supports the Company's current posture.

As shareholders we cannot allow the November 17 Special Meeting to pass without taking action. If this opportunity is missed, the current board will control strategic direction until the Annual Meeting in April 2021, which can easily be delayed.

Although we appreciate the board's efforts through this strategic review, it is time to implement independent directors that will offer the appropriate oversight and input on the pending sales process. It is imperative to construct a board that gives potential bidders confidence that the Company is dedicated to running a fair process. An independent board committee should be established by the board of directors to run the auction process. It is unacceptable to expect shareholders to wait until the Annual Meeting, April 2021, to express their rights. Time is of the essence. After reviewing both ISS and Glass Lewis recommendations we feel there is a clear mandate for shareholders to implement new board members at the upcoming Special Meeting. For that reason, we intend to support ISS' recommendation to remove the board's three longest-tenured directors, James David Chatham, Thomas C O'Brien, and David Walker, to be replaced with W. Steve Albrecht, Wendy Lane and Henry W. Winship.

Regards,

Drew Figdor

Portfolio Manager