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CoStar sweetens bid for real estate data provider CoreLogic
By Michele Maatouk
Date: Monday 01 Mar 2021
LONDON (ShareCast) - (Sharecast News) - CoStar Group sweetened its offer for real estate data provider CoreLogic on Monday by $450m, as it looks to compete with private equity firms Stone Point Capital and Insight Partners.
Under the terms of the new proposal, CoreLogic shareholders would receive $6 per share in cash and 0.1019 CoStar shares for each of their shares, which is equivalent to about $90 a share.
CoStar noted this is a $17 per share improvement over the Stone Point and Insight offer, which is equivalent to more than $1.25bn in value.
CoreLogic announced in February that it had agreed to be bought by Stone Point and Insight for $80 a share in cash, or an equity value of about $6bn.
But CoStar said it expects the board of CoreLogic to declare its offer a "superior proposal" within 48 hours.