CoreLogic Comments on Senator/Cannae Intent to Request Special Meeting of Shareholders

CoreLogic (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today commented on an announcement by two of its shareholders, Senator Investment Group LP and Cannae Holdings Inc., that they intend to request a Special Meeting of Shareholders. This action follows their unsolicited June 26 proposal to acquire all outstanding shares of CoreLogic for $65.00 per share in cash.

As previously announced, the CoreLogic Board undertook a thorough review of the acquisition proposal in consultation with its independent financial and legal advisors, and unanimously concluded that it significantly undervalues the Company and is not in the best interests of shareholders other than Senator and Cannae.

Chairman Paul Folino said, “The Board continues to believe Senator and Cannae’s proposal significantly fails to provide appropriate value to our shareholders and does not reflect our strong multi-year outlook for the business – since their June 26 proposal we have increased our 2020 earnings guidance by more than 15% and issued strong guidance for 2021 and 2022. Our outlook is supported by contracted revenue, continued efficiency improvements and our transformed, less-cyclical business mix, which will be further enhanced by our recently announced planned divestitures of two lower-margin businesses. The proposal also does not account for our substantial return of capital, including a 50% dividend increase and repurchase of $1 billion of shares by 2022. Further, CoreLogic continues to gain momentum as evidenced by the strong results posted last week in which our organic growth rose to 5%, margins increased by 400 basis points and we achieved record levels of free cash flow. As a result, our Board is unanimous and highly confident in its belief that CoreLogic will be able to deliver significantly more value to shareholders than this opportunistic proposal. We will continue to provide full transparency into our business so all our shareholders can participate in CoreLogic’s substantial value creation potential.”

For more information on CoreLogic’s recent second quarter 2020 financial results and outlook, please see the investor presentation here.

Evercore is serving as financial advisor to CoreLogic and Skadden, Arps, Slate, Meagher & Flom is serving as CoreLogic’s legal advisor.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.