Bids to Acquire CoreLogic

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Dave Towne
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CoStar Group Higher Offer to Buy CoreLogic - Appraisers Blogs

I heard from a number of appraisers about their adverse situations involving CoStar…

It was announced on Feb. 4, 2021 that CoreLogic will be sold, with the transfer happening in the April-June 2021 time frame. See Inman news service article, “CoreLogic Acquired By Stone Point Capital, Insight Partners For $6B – Inman”.

From the article:

The deal is expected to close in the second quarter of 2021, subject to shareholder approval.

See another news source here.

CoreLogic currently owns several companies with ties to appraising:

  • A la mode – appraisal report software
  • Columbia Institute – appraiser education service provider
  • Matrix – MLS property listing data base used by many independent MLS associations in the US and Canada
  • Realist (and others) – public property data aggregation service (also used by MLS associations)

On February 16, 2021, CoreLogic Board of Directors received a second, higher offer to buy CoreLogic

From the BusinessWire e-newsletter on 2/16/21: CoStar Group Makes Superior Proposal to Acquire CoreLogic for $95.76 Per Share | Business Wire

First paragraph:

WASHINGTON–(BUSINESS WIRE)–Today, CoStar Group, Inc. (NASDAQ: CSGP) delivered a letter to the Board of Directors of CoreLogic (NYSE: CLGX) setting forth the terms of a superior proposal by CoStar Group to acquire 100% of the equity interests of CoreLogic. Under the terms of the proposal, CoreLogic shareholders would receive 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock, representing a value of approximately $95.76 per share based on CoStar Group’s closing share price on February 12, 2021. CoStar’s proposal represents 16.2% pro forma diluted ownership for CoreLogic shareholders in the combined entity, and a $15.76 per share improvement to the value of CoreLogic’s pending transaction as of February 12, 2021.

Included with the news release is the letter the CoStar Group, Inc. wrote to the CoreLogic board:

Dear CoreLogic Board Members:

Given our substantial engagement since early December, we were stunned to read about the acquisition of CoreLogic by Stone Point Capital and Insight Partners on February 4, 2021 (the “Pending Transaction”). Their cash bid of $80 per share was materially less than our last all-stock offer, which had a headline value of $86.30 per share. The decision to accept the lower $80 per share bid from a sponsor instead indicates a failure to appropriately value the synergies of our proposal as a strategic bidder Read more »

After I sent out info about a ‘second suiter’ bid to buy CorLlogic by Costar Group on 2/16/21, I heard from a number of appraisers about their adverse situations involving CoStar. You can influence the CoreLogic Board if you take the time to write an actual LETTER (not email) addressed to each Director detailing your experience with CoStar, using this corporate address for CoreLogic:

40 Pacifica, Suite 900
Irvine, CA 92618

There are 12 Directors, named at this CoreLogic web site link. You can write the same letter to each, but put their own name on each separate letter. Then send the entire packet to the CoreLogic corporate Board Secretary at the above address. Send no later than Monday, Feb. 22, 2021.

Image credit flickr - Melissa Wiese
Dave Towne

Dave Towne

AGA, MNAA, Accredited Green Appraiser - Licensed in WA State since 2003. Dave Towne on e-AppraisersDirectory.com

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1 Response

  1. As a former employee of CoStar for a short period of time, I can assure you 1) that you can not trust a shred of the “data” that they put out, 2) they will apply their standard business model to this as they have apartments.com, loopnet, etc (A. buy and hold until the restrictions of the sale expire, B. Increase fees 500%).

    1

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Bids to Acquire CoreLogic

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