Cannae, Senator can call special meeting on CoreLogic, financing set

imageStock Markets8 hours ago (Jul 03, 2020 09:45PM ET)

(C) Reuters.

By Svea Herbst-Bayliss

BOSTON (Reuters) – Cannae Holdings (NYSE:CNNE) and Senator Investment Group, which are trying to buy CoreLogic Inc, said on Tuesday they own enough of the data and analytics firm to call a special meeting and that Bank of America (NYSE:BAC) is sure it can arrange financing for the deal.

The investment firms said in a regulatory filing they jointly hold a 15% stake in CoreLogic. This includes 8.2% of common stock, shares of common stock underlying share contracts equal to 1.8% of the common stock and cash settled swaps referencing 5% of the outstanding shares, according to the filing, made on Tuesday.

The stake is big enough for the two to “call a special meeting of the stockholders,” the filing added.

Cannae and Senator on Friday made an unsolicited bid to buy the property data and analytics company for $65 a share in cash and said the proposal was “well in excess of what the company can achieve under its current plans.”

CoreLogic is reviewing the bid and will update shareholders on the outcome “in due course,” it said in a statement. The company also said its board and management team were “laser-focused on increasing growth and profitability to drive shareholder value,” citing its recent announcement of significantly higher revenue and guidance on Earnings Before Interest, Taxes, Depreciation and Amortization for the second quarter.

CoreLogic’s shares edged down 16 cents to $68.21 shortly before midday.

Tuesday’s regulatory filing also detailed the two investors’ financing plans. Bank of America provided Cannae with a “highly confident letter dated June 28, 2020 indicating that BofA Securities is highly confident of its ability” to arrange and syndicate the credit facilities in connection with the planned takeover, the filing said.

Cannae, Senator can call special meeting on CoreLogic, financing set

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