Cannae Holdings and Senator Investment Group Submit Proposal to Acquire CoreLogic

“We have followed the Company closely and have spent the last nine months performing extensive “outside-in” due diligence. Despite its strong market position as a provider of data and analytics for the real estate and mortgage industries, we believe the Company will not achieve its full potential under its current strategic plan. We therefore believe the proposed transaction is in the best interests of all the Company’s stakeholders.
Cannae and its affiliates in the proposed transaction are led by William P. Foley II (Bill Foley), a preeminent operator and investor with an established track record of successful acquisitions and value creation. Under Bill Foley’s leadership, we would seek to reignite growth at CoreLogic, increase operating efficiency, and improve overall allocation of scarce capital resources. Bill Foley has extensive experience transforming similar businesses and is uniquely positioned to strengthen the Company’s customer, financial, and employee relationships.

Holy Shit!

Of course, you know Bill Foley is also the chairman of Black Knight too. So in this scenario Matrix and Paragon would be under one roof.

And the deal is likely to happen…

“Please understand, however, as demonstrated by our sizable investment in the Company, that we are committed to this transaction. Senator has conducted a thorough study of the Company’s governance documents and the remedies available to all shareholders and is prepared to exercise our rights, including by calling a special meeting and soliciting proxies, for the benefit of the Company’s shareholders should that be necessary.”

Many people (and by people, I mean investors) believe that the current COVID crisis will accelerate rapid transformation in real estate. Bill Foley is a Grandmaster in chess at seizing crisis and making opportunity.

Beyond the COVID crisis itself, this is the biggest news in the MLS business this year (so far).