July 20, 2020 / 11:57 AM / 22 days ago

CoreLogic refuses to open its books to Senator Investment, Cannae over buyout bid

(Reuters) - Property data and analytics firm CoreLogic Inc (CLGX.N) said on Monday it would not open its books to investment firms Senator Investment Group LP and Cannae Holdings Inc (CNNE.N) unless they raise their $7 billion offer to buy the company.

Earlier in July, the investment firms asked CoreLogic for more financial documents to better assess the profitability of its business segments, Reuters reported citing sources, after the company again rejected their unsolicited $65 per share buyout offer as inadequate.

“Granting diligence for an offer that significantly undervalues CoreLogic is not in the best interests of other shareholders,” the company said in a statement.

Reporting by Ayanti Bera in Bengaluru; Editing by Amy Caren Daniel

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