CoStar Group is making an offer for CoreLogic of $96.76 per share of CoStar's stock, or roughly $6.9 billion. This follows Stone Point Capital and Insight Partners' bid earlier this month of $6 billion for the global property information, data and analytics firm.
CoStar says 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.
This is not the first time CoStar has tried to acquire the firm, with its last all-stock offer clocking in at $86.30 per share. CEO Andrew C. Florance noted that when he read that Stone Point Capital and Insight Partners made a cash bid of $80 per share for the company, which was accepted, he was "stunned."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
