Cannae Holdings, Senator offer to buy realty data firm Corelogic in $7 billion deal

(Reuters) – Corelogic Inc on Friday received an unsolicited offer from shareholders Cannae Holdings Inc and Senator Investment Group LP to buy the real estate data analytics firm in a $7 billion deal, sending its shares up more than 25%.

They offered $65 per share in cash, which represents a premium of nearly 23% to Corelogic’s Thursday closing.

Corelogic said the board will review the offer from the shareholders, who together own about 15% stake in Corelogic.

The companies have already secured about $3.6 billion in financing to fund the deal and said Corelogic would not achieve its full potential under its current strategic plan and that the proposed deal is in the best interest of its stakeholders.

Trasimene Capital Management LLC served as Cannae’s financial adviser, while Weil, Gotshal & Manges LLP was its legal adviser. Cadwalader, Wickersham & Taft LLP was Senator’s legal adviser.

Shares were trading at $66.26 in afternoon trade.

(Reporting by Neha Malara; Editing by Vinay Dwivedi and Shinjini Ganguli)