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CoreLogic Climbs on Report of $86-Share Bid From CoStar

CoStar Group reportedly bid $86 a share for CoreLogic.
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Shares of CoreLogic  (CLGX) - Get CoreLogic, Inc. Report jumped on Tuesday after a report said the real estate IT company received an $86-a-share acquisition bid from real estate analytics company CoStar Group  (CSGP) - Get CoStar Group Inc. Report

Bloomberg News reported, citing people familiar with the matter, that CoStar has bid stock valued at $86 per CoreLogic share. 

The price values CoreLogic, the Irvine, Calif., real-estate-data provider, at about $6.7 billion.

CoreLogic shares at last check were up 5% to $80. The stock is trading at more than triple its 52-week low of $24.69, set in late March. 

CoStar Group shares recently slipped 0.3% to $922.15. 

Neither CoreLogic nor CoStar responded to a request for comment from TheStreet.

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CoStar is involved in a bidding war for CoreLogic with the private-equity firm Warburg Pincus, Bloomberg reported. 

Warburg Pincus's plan is all cash and is valued at less than CoStar's proposal, the news service said. 

In November CoreLogic launched a strategic review amid a battle for the board with the activist investors Cannae Holdings of Las Vegas and Senator Investment Group, the New York hedge-fund manager. 

Cannae Holdings and Senator Investment had placed a bid for CoreLogic in November but withdrew it after the company said it had received a bid of at least $80 a share. It did not identify that bidder.

Cannae and Senator had bid $66 a share. The two firms eventually won three seats on the CoreLogic board. 

CoreLogic provides property information and analytics to clients including real estate professionals, mortgage banks and property and casualty insurers.