CoreLogic confirmed that it was conducting a strategic review of its options after receiving multiple takeover proposals valuing the firm in excess of $80 per share.
This is significantly higher than the rejected $66 per share offer from Senator and Cannae, which resulted in a months-long battle with the two investors, who have been trying to oust CoreLogic’s board.
Last week another investor, TIG Advisors, joined the fray, accusing CoreLogic of unnecessarily delaying a sales process and calling on shareholders to replace its three longest-standing directors.
In response, CoreLogic has written to shareholders to assure them that interested parties are receiving due diligence access after executing customary confidentiality agreements, and said further credible parties may be preparing to join the process.
CoreLogic added that its “rigorous” review will ensure “value maximization” and again slammed Senator and Cannae for “the steady stream of baseless misinformation reportedly being pumped into the market.”
The firm also dismissed the idea that the strategic review process is not real, again blaming Senator and Cannae for spreading this “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,” CoreLogic said.
“Despite the uncontestable evidence that Senator/Cannae were wrong on value and not aligned with shareholders’ best interests, they are continuing to push a proxy fight and seeking to undermine the Company’s value and the Board’s strategic review,” the firm wrote to shareholders.
“Senator/Cannae are trying to install nominees who they paid to participate in this proxy fight in support of a $66 per share proposal – a proposal which has been clearly proven to be woefully inadequate. These nominees should not be trusted to maximize value for shareholders.”
CoreLogic also maintained that its current board is “the right group” to oversee the ongoing review, noting that they have already “shield shareholders from the value destruction” of the “lowball” $66 proposal despite the “aggressive stream of hostile pressure tactics” from Senator and Cannae.
Shareholders will decide on the future make-up of CoreLogic’s board at the next Special Meeting on November 17th.