CoStar Group Offers To Buy CoreLogic For $95.76/shr

(RTTNews) - CoStar Group Inc. (CSGP) said that it has made superior proposal to buy CoreLogic (CLGX) for $95.76 per share. The offer represents an equity value of about $6.9 billion and a premium of 74% to CoreLogic's unaffected share price on June 25, 2020.

As per 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 about $95.76 per share based on CoStar Group's closing share price on February 12, 2021.

CoStar said its 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.

Earlier this month, CoreLogic said it agreed to be acquired by Stone Point Capital and Insight Partners for $80 per share in cash, representing an equity value of about $6.0 billion.