CoStar sweetens deal to buy real estate data group CoreLogic

(Reuters) – Commercial property data vendor CoStar Group Inc on Monday sweetened the deal to buy CoreLogic Inc by adding $450 million more to the original offer.

Under the terms of the new proposal, CoreLogic shareholders would receive $6 per share in cash and 0.1019 shares of CoStar’s common stock in exchange for each share of CoreLogic.

CoStar had made a $6.9 billion all-stock offer for CoreLogic last month, gatecrashing a smaller buyout deal between the real estate data provider and two private equity firms.

The offer is higher than the $6 billion deal CoreLogic and private equity firms Stone Point Capital and Insight Partners had agreed on last month.

Reuters reported last week that CoreLogic had asked peer CoStar for more assurances that it can complete their combination should it attract antitrust scrutiny.

CoStar on Monday said the merger does not present any meaningful antitrust concerns, adding, it will agree to an antitrust covenant that it will take all actions to obtain the required antitrust approvals.

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