Exhibit 99.1
![LOGO](https://capedge.com/proxy/8-K/0001193125-20-246228/g46319g0915213126046.jpg)
CoreLogic Board Unanimously Rejects Revised Senator/Cannae Proposal
Determines Proposal Continues to Significantly Undervalue CoreLogic
IRVINE, CA, September 15, 2020 — CoreLogic Inc. (NYSE: CLGX) today announced that its Board of Directors has unanimously rejected the revised unsolicited proposal from Senator Investment Group LP and Cannae Holdings Inc., received on September 14, 2020, to acquire all outstanding common shares of CoreLogic for $66.00 per share in cash.
After a careful review, conducted in consultation with its independent financial and legal advisors, CoreLogic’s Board of Directors unanimously concluded that the revised proposal continues to significantly undervalue CoreLogic, raises serious regulatory concerns that have not been addressed, and is not in the best interests of shareholders.
The revised proposal of $66.00 per share reflects a $1.00 per share price increase and is otherwise unchanged from the prior proposal. Further, based on our current 2020 adjusted EBITDA guidance, the proposal of $66.00 per share is essentially in line with the Company’s forward multiple of approximately 11.3x just before Senator and Cannae’s initial proposal. The CoreLogic Board unanimously determined that a de minimis 1.5% increase from a significantly inadequate price does not justify providing due diligence to a competitor or entering into an acquisition agreement at $66.00 per share, with or without a “go shop” provision.
Chairman Paul Folino said, “We remain open to all paths to create value but are confident that continued successful execution of our current plan will produce value for our shareholders far in excess of $66.00 per share.”
Since the original Senator/Cannae proposal was made on June 26, CoreLogic has reported strong second quarter financial results, significantly increased guidance for the remainder of 2020, 2021 and 2022 based on the strength of its business, raised its quarterly dividend by 50%, and committed to a $1 billion share repurchase. Our momentum is accelerating, and the Board believes CoreLogic is poised for an increased trading multiple and higher market valuation.
Frank Martell, President and Chief Executive Officer, said, “We have transformed CoreLogic into a higher-margin, higher-growth company with a durable business model based on increasing recurring revenues. CoreLogic is at an inflection point, poised for further expansion of our trading multiple, increased capital returns, and greater value-creation for all of our shareholders.”
CoreLogic has higher 2019 – 2022E revenue growth and adjusted EBITDA margins than its information services peers1 which trade at much higher multiples. Nevertheless, CoreLogic currently trades at more than a 3x discount to the lowest of the peers (14.9x) and a ~9x discount to the median multiple of the peers (~21x).
1 | Peers include CoStar, Dun & Bradstreet, Equifax, Experian, Fair Isaac, IHS Markit, RELX, Thomson Reuters, TransUnion, Verisk, Wolters Kluwer; lowest multiple of 14.9x based on Wolters Kluwer. |