Company News

Investors Cannae and Senator Investment plan to appoint 9 directors to CoreLogic's board

July 29 (Reuters) - Shareholders Cannae Holdings Inc and Senator Investment Group said on Wednesday they will propose nine new directors to CoreLogic Inc’s board, in a bid to push ahead with their offer to buy the property data and analytics company.

The two investment firms, jointly holding an economic interest of about 15% in CoreLogic, said on Wednesday they will call for a special meeting to nearly replace the company’s 12-member board.

Earlier in July, CoreLogic rejected the investors’ unsolicited buyout offer of $7 billion at $65 a share, saying it was inadequate.

The bidding firms maintain the offer is “compelling”, but remain open on value subject to diligence.

CoreLogic has refused to open its books to the investment firms saying that it was not in the best interest of the shareholders to grant diligence for an offer that undervalues the company. (Reporting by Neha Malara; Editing by Shinjini Ganguli)