Cannae Holdings and Senator Investment Group on Monday raised their bid for CoreLogic Inc by one dollar to $66 per share to restart takeover negotiations with the U.S. property data and analytics company after talks had stalled over requests to review financial data.
“As a gesture of good faith to hopefully get us all back on the right track, today we are increasing our proposal by $1.00 to $66.00 per share in cash,” Richard Massey, investment company Cannae’s chief executive officer, and Quentin Koffey, a partner at hedge fund Senator, wrote to the board. The letter was made public in a regulatory filing.
The investment group, which made its unsolicited offer in late June, also said it would be ready to pay more “based on the value revealed to us in due diligence.” And it said it would be willing to agree to a “generous” ‘go-shop’ that is purposefully structured to welcome other bidders.
CoreLogic, which has a market value of $5.3 billion, has said it would not open its books unless the investment group raised its offer, originally valued at $7 billion. Its share price closed at $66.59 on Friday. A representative for CoreLogic was not immediately available for comment.
Source: Reuters.com