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March 1, 2021, 7:46 a.m. EST

CoStar raises bid for CoreLogic to compete with Stone Point/Insight offer

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By Ciara Linnane

CoStar Group Inc. /zigman2/quotes/208228061/composite CSGP +1.49% said Monday it has delivered a letter to the board of real estate data provider CoreLogic /zigman2/quotes/210311059/composite CLGX +0.14% revising the terms of its offer to acquire the company to make it a $17 a share improvement on the terms being offered by Stone Point and Insight, which had already bid for the company. Under the new terms, CoStar will offer CoreLogic shareholders $6 a share in cash, plus 0.1019 shares of CoStar for each share owned, equal to a value of about $90 a share, based on CoStar's closing share price on February 26, 2021 and approximately $97 per share based on the latest 30-day volume-weighted average CoStar share price. "The new offer represents a $17 per share improvement over the Stone Point and Insight offer, which is equivalent to over $1.25 billion more in aggregate value," CoStar said in a statement. "The Stone Point and Insight offer now represents a 6% discount to CoreLogic's latest closing price of $84.66, while the CoStar Group offer represents a 15% premium and implies pro forma diluted ownership of approximately 16.2% in the combined entity and $450 million in cash for current CoreLogic stockholders." CoStar said it expects the CoreLogic board to declare the latest offer to a superior proposal within 48 hours. CoreLogic shares were up 2% premarket and have gained 87% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.77% has gained 22%.

/zigman2/quotes/208228061/composite
US : U.S.: Nasdaq
$ 887.49
+13.06 +1.49%
Volume: 168,179
April 9, 2021 4:00p
P/E Ratio
148.80
Dividend Yield
N/A
Market Cap
$35.01 billion
Rev. per Employee
$349,120
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/zigman2/quotes/210311059/composite
US : U.S.: NYSE
$ 79.79
+0.11 +0.14%
Volume: 412,373
April 9, 2021 4:00p
P/E Ratio
21.43
Dividend Yield
1.65%
Market Cap
$5.87 billion
Rev. per Employee
$309,882
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/zigman2/quotes/210599714/realtime
US : S&P US
4,128.80
+31.63 +0.77%
Volume: 1.88B
April 9, 2021 5:15p
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