We believe that this combination will further enhance the long-term value of our shares. CoStar stock has consistently proven more valuable than cash. With consistent growth and a huge addressable market, CoStar Group’s share price has appreciated 496% over the past 5 years, 1,491% over the past 10 years, 3,640% over the past 20 years, and 10,342% since our IPO. CoStar Group’s offer is clearly the superior offer to CoreLogic’s shareholders in immediate value, but we believe that with hundreds of millions of dollars of synergies, the implied ownership of the Proposal provides substantial value upside, which we believe would deliver value in excess of $105 per share to CoreLogic stockholders over time.ĬoStar Group’s stock is a solid currency and has performed exceptionally well through decades, driven by solid fundamentals such as our compound annual revenue growth of 21% over the past 20 years, 21% over 10 years, and 19% over 5 years.
CLEANSPARK COMPETITORS PRO
The Proposal implies pro forma diluted ownership of approximately 16.2% in the combined entity for current CoreLogic stockholders. The Pending Transaction represents a 2.4% discount to Friday’s close, while our offer represents a 17% premium to Friday’s close.Īt the heart of our Proposal is a value proposition for the direct benefit of the CoreLogic stockholders that greatly exceeds the Pending Transaction. Based upon Friday’s close at $81.99 ($1.99 above the Pending Transaction), our Proposal delivers to CoreLogic stockholders over $1 billion more in value than the Pending Transaction. This offer represents a $15.76 per share improvement over the Pending Transaction. This represents an equity value of approximately $6.9 billion and a premium of 74% to CoreLogic’s unaffected share price on June 25, 2020. This implies a headline value of $92 per share based on the latest 30-day volume-weighted average CoStar share price. The consideration would be delivered in 0.1019 shares of newly issued CoStar common stock for each share of CoreLogic’s issued and outstanding common stock (the “Proposal”). We propose a merger transaction whereby CoStar would acquire 100% of the equity interests of CoreLogic for consideration of $95.76 per share based on the latest CoStar closing price. Accordingly, we propose moving forward with an acquisition of CoreLogic that will provide value directly to CoreLogic’s stockholders that is substantially superior to the value they would receive in the Pending Transaction. The fact that CoreLogic stock continues to trade well above the Pending Transaction price is a clear indication that the shareholders agree with us. We hereby submit this “Competing Proposal” that will provide superior value to CoreLogic’s stockholders. 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.
The decision to accept the lower $80 per share bid from a sponsor instead indicates a failure to appropriately value the synergies of our proposal as a strategic bidder. Their cash bid of $80 per share was materially less than our last all-stock offer, which had a headline value of $86.30 per share. Given our substantial engagement since early December, we were stunned to read about the acquisition of CoreLogic by Stone Point Capital and Insight Partners on Febru(the “Pending Transaction”). The following is a copy of the letter that CoStar Group delivered to the Board of Directors of CoreLogic on February 16, 2021: CoStar’s proposal represents 16.2% pro forma diluted ownership for CoreLogic shareholders in the combined entity, and a $15.76 per share improvement to the value of CoreLogic’s pending transaction as of February 12, 2021. Under the terms of the proposal, CoreLogic shareholders would receive 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock, representing a value of approximately $95.76 per share based on CoStar Group’s closing share price on February 12, 2021. (NASDAQ: CSGP) delivered a letter to the Board of Directors of CoreLogic (NYSE: CLGX) setting forth the terms of a superior proposal by CoStar Group to acquire 100% of the equity interests of CoreLogic.
CLEANSPARK COMPETITORS TRIAL
Claim your 1-week free trial to StreetInsider Premium here. Get instant alerts when news breaks on your stocks.
0 kommentar(er)
