CoStar counterbids $6.9 billion for real estate data group CoreLogic

Commercial property data vendor CoStar Group Inc said on Tuesday it has made a $6.9 billion all-stock offer to buy CoreLogic Inc, weeks after the real-estate data provider agreed to be acquired by two private equity firms.

CoStar offered 0.1019 shares of its common stock in exchange for each share of CoreLogic, implying a value of about $95.76 per share. The offer represents a premium of 16.8% to CoreLogic’s close on Friday.

The offer is also higher than the $6 billion deal CoreLogic and private equity firms Stone Point Capital and Insight Partners had agreed to earlier this month.

Reuters had reported in October that CoStar and a private equity consortium led by Warburg Pincus and GTCR were among the bidders seeking to acquire CoreLogic.

The interest in CoreLogic comes after activist investors Senator Investment Group LP and Cannae Holdings Inc began pushing the company to seek a sale by mounting a $7 billion acquisition bid of their own, but abandoned it once the sale process got underway.

Source: Reuters