Benzinga | Nov 9, 2020 07:07AM EST

CoreLogic Announces Board's Review Of Strategic Alternatives Is Progressing Well; Received Written Indications Of Interest In Acquiring The Company At Values Of At Least $80 Per Share From Multiple Competing Parties

CoreLogic (NYSE:CLGX), a leading global provider of property information, insight, analytics and data-enabled solutions, today provided an update on its review of strategic alternatives to correct misinformation in the market.

The CoreLogic Board's review of strategic alternatives is progressing well. We have received written indications of interest in acquiring the Company at values of at least $80 per share from multiple competing parties. This is more than $1 billion -- or over 20% -- above the Senator/Cannae proposal. Interested parties are receiving due diligence access after executing customary confidentiality agreements. Additional credible parties have indicated they are preparing to join the process.

CoreLogic is providing this information to correct the steady stream of baseless misinformation reportedly being pumped into the market by Senator/Cannae. Building off the record operating and financial performance over the past year, along with the growing strength of the business and multi-year forecasts, CoreLogic's Board has positioned shareholders to maximize value. Interested parties have cited the strength of our performance and positive multi-year outlook as reasons supporting their interest at levels of at least $80 per share.

Senator/Cannae, on the other hand, first urged CoreLogic shareholders to accept a woefully inadequate $65 per share proposal. Next, they attacked CoreLogic for not pursuing an auction based on a $66 per share proposal. Then, they advocated signing an agreement at $66 per share with a go-shop provision (a value-destructive path that would have taken substantial value from our shareholders). During the entire time, they have self-servingly sought to deny CoreLogic's value proposition. CoreLogic's Board has been proven right to reject these pressure tactics by Senator/Cannae -- all of which have been proven to be harmful to the interests of CoreLogic shareholders.

Most recently, CoreLogic has learned that Senator/Cannae are suggesting to market participants that our strategic review process is somehow not real -- yet another false assertion. The facts are clear: interested parties recognize that our process is real and have engaged at levels far in excess of what Senator/Cannae were willing to pay.

The bottom line is that the Board and management team are laser-focused on value maximization. These are the facts:

* We are delivering outstanding operating and financial results.

* The Board correctly rejected an opportunistic lowball bid by Senator/Cannae despite an aggressive stream of hostile pressure tactics.

* The Board is overseeing a rigorous strategic review to pursue value maximization.

* The strategic review process has already secured multiple expressions of interest of at least $80 per share from credible parties.