Cannae, Senator can call special meeting at CoreLogic, financing set

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BOSTON (Reuters) – Cannae Holdings (NYSE:CNNE) and Senator Investment Group, which are trying to buy CoreLogic Inc, said on Tuesday that they own enough of the company to call a special meeting and that Bank of America (NYSE:BAC) is sure it can arrange financing for the deal.

The two investment firms said in a regulatory filing that they jointly hold an aggregate economic interest in 15% of the outstanding shares of common stock of CoreLogic. This includes 8.2% of common stock, shares of common stock underlying share contracts equal to 1.8% of the common stock and cash settled swaps referencing 5% of the outstanding shares, according to the filing, made on Tuesday.

The stake is big enough for the two to “call a special meeting of the stockholders,” the filing added.

Cannae and Senator on Friday made an unsolicited bid to buy the property data and analytics company for $65 a share in cash and said the proposal is “well in excess of what the company can achieve under its current plans.”

CoreLogic’s shares were down 16 cents at $68.21 in trading Tuesday morning.

Tuesday’s regulatory filing also detailed the two investors’ financing plans. Bank of America provided Cannae with a “highly confident letter dated June 28, 2020 indicating that BofA Securities is highly confident of its ability” to arrange and syndicate the credit facilities in connection with the planned takeover, the filing said.

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