CoreLogic calls shareholders meeting on bidders' board picks
CoreLogic's board called for a special shareholders meeting on Nov. 17 to vote on replacing as many as nine of the company's directors with nominees backed by Senator Investment Group and Cannae Holdings following their unsolicited bid.
The information and analytics provider said the vote would "remove uncertainty" for its shareholders and put a stop to "the convoluted two-step solicitation process" that Senator and Cannae are pursuing as part of their offer.
"In our view, their call to replace the CoreLogic Board is an attempt to distract from their failure to put forward a proposal that appropriately values CoreLogic," Paul Folino, its chairman, said in a press release issued on Sunday. The company said it continues to believe that Senator and Cannae’s unsolicited proposal to acquire CoreLogic at $65 per share is "significantly undervalued."
Officials at Cannae and Senator weren't available for a comment.