CoreLogic confirmed that it had received a revised unsolicited proposal from Senator Investment Group LP and Cannae Holdings Inc. on Sept. 14 to acquire all outstanding common shares of CoreLogic for $66.00 per share in cash, a $1 increase per share from the original proposal, according to MarketWatch.
However, the very next day after receiving the revised dollar figure, CoreLogic again rejected the companies’ offer.
On Sept. 15, according to a story from MarketWatch, the company said the new bid continues to “significantly undervalue” CoreLogic, fails to address the “serious regulatory concerns” related to a merger and is not in the best interest of shareholders.
“We remain open to all paths to create value but are confident that continued successful execution of our current plan will produce value for our shareholders far in excess of $66.00 per share,” CoreLogic Chairman Paul Folino told MarketWatch.
CoreLogic previously announced on July 7 that its board had unanimously rejected the unsolicited proposal from Senator/Cannae it received on June 26 to acquire all outstanding common shares of CoreLogic for $65.00 per share in cash. After a careful and thorough review, conducted in consultation with its independent financial and legal advisors.
Since that time, CoreLogic has reported strong second quarter financial results, significantly increased forward guidance based on the strength of its business, raised its quarterly dividend by 50 percent, and committed to a $1 billion share repurchase.