CoStar hasn’t given up on its goal to buyout CoreLogic yet. In a move to one-up the competition, the proptech and data giant has made another proposal to purchase CoreLogic.
Nearly $7 billion, the bid is 20% higher than the recently accepted offer made by Stone Point Capital and Insight Partners. Along with the $7 billion, CoStar’s new offer equals $95.76 a share compared to the $80 per share from Stone Point and Insight.
To put this bidding war in perspective, when CoreLogic went up for grabs last spring, the original bidders were offering $65 a share in June 2020.
CoStar CEO Andy Florance fought for CoreLogic to see what his company is really offering for the purchase through an all-stock offer.
“We do not believe the Pending Transaction maximizes value for CoreLogic stockholders and we continue to believe in the strong strategic rationale for the combination of our two companies.”
He reiterated that CoStar has a number of acquisitions under its belt that have skyrocketed in success after being purchased by the company, including Apartments.com and LoopNet. Florence said that adding CoreLogic to its portfolio would “create massive cross-selling opportunities,” which would lead to “hundreds of millions of dollars in revenue synergies.”