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CoreLogic Gets $7 Billion Bid From Foley’s Cannae, Senator

  • Bidder group makes unsolicited offer for real estate data firm
  • CoreLogic shares soar above $65-per-share offer price
   
Photographer: Johnny Milano/Bloomberg
Updated on

Bill Foley’s Cannae Holdings Inc. and Senator Investment Group LP made a $7 billion takeover offer for CoreLogic Inc., saying they can “reignite growth” at the real estate data company and increase its operating efficiency.

Cannae and Senator sent CoreLogic’s board a letter Friday outlining a proposal to acquire the Irvine, California-based company for $65 a share in cash, they said in a statement. The bid values CoreLogic’s equity at about $5.2 billion, and represents a 23% premium over its closing price on Thursday. Including debt, the offer is worth about $7 billion, according to the letter.