Senator and Cannae remove three CoreLogic directors
Though Senator Investment and Cannae Holdings dropped their hostile bid for CoreLogic, the investors were successful in electing three of their preferred candidates to the mortgage technology company's board.
According to a preliminary analysis, more than 86% of the votes cast by shareholders supported adding the three Senator and Cannae nominees — W. Steve Albrecht, Wendy Lane and Henry "Jay" Winship — to the board at Tuesday's special meeting.
"Today's vote is a clear mandate from shareholders for CoreLogic's board to promptly engage in good faith with all bidders for the company and to maximize value," said Quintin Koffey, a partner at Senator in its press release. "However, we are committed to remaining significant shareholders and we will not hesitate to use all options available to us to hold the board accountable if need be."
Furthermore, approximately half of the votes cast were in favor of removing CoreLogic's Paul Folino, Senator/Cannae said. Folino remains on the board.
The Senator/Cannae nominees will replace J. David Chatham, Thomas O'Brien and David Walker.
"We thank our shareholders for their participation in the special meeting, and we welcome Steve, Wendy and Jay to the board of directors," Folino said in a press release. "We look forward to working together and will get them up to speed quickly on our business and our strategic review process."
Senator and Cannae — whose chairman Bill Foley has the same title at Black Knight and Fidelity National Financial — abandoned their joint $66 per share bid for CoreLogic after the company revealed it was in talks with bidders willing to offer in the area of $80 per share.
Those bidders, according to Bloomberg, were CoStar Group, which did not sign a nondisclosure agreement, and a consortium consisting of Warburg Pincus and GTCR, which did.