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A
proxy solicitor polls large shareholders on how they plan to
vote on hotly contested corporate matters like mergers or proxy
fights. Hiring one signals that Cannae and Senator are taking
next steps to prepare for a potential fight with CoreLogic.
The source said the two firms tapped D.F. King two days after
CoreLogic rejected their unsolicited $7 billion takeover bid.
Last month Cannae and Senator, which jointly hold an economic
interest of roughly 15% in CoreLogic, proposed to buy the
company, valued at $5.3 billion, for $65 a share. The stock has
since risen past the offer price and closed at $67.54 on
Thursday.
This week, Cannae and Senator said they stillhope to engage with
the company but also said they could call a special meeting as
soon as July 28 to replace the current board. CoreLogic said it
"is open to all viable paths to increasing shareholder value"
and that it is "willing to meet with Senator and Cannae."
Bank of America has said that it was sure it could arrange
financing for the deal.
D.F. King has worked with Xerox in a hostile bid for HP, which
was canceled because of the Covid-19 pandemic, Mantle Ridge in
its investment in Aramark where the investment firm gained
control of the board, and the Rice Brothers in their successful
proxy contest at natural gas producer EQT Corp.
Representatives for D.F. King, Cannae and Senator did not
respond to requests for comment.
CoreLogic hired Innisfree as its solicitor, the company said
earlier this week.
(Reporting by Svea Herbst-Bayliss)
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