In a letter to CoreLogic's Board of Directors delivered yesterday morning, the chief executive officer of CoStar Group said the company was "stunned" to read that the company had been acquired by Stone Point Capital and Insight Partners—and offered to buy CoreLogic at a higher value than its competitors.
The Stone Point deal, which was announced February 4 and valued CoreLogic stock at $80 per share, was "materially less" than CoStar's previous all-stock offer of $86.30 per share, CEO Andrew C. Florance said.
"The decision to accept the lower $80 per share bid from a sponsor instead indicates a failure to appropriately value the synergies of our proposal as a strategic bidder," the letter read.
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