CoreLogic announced an agreement to sell itself to Stone Point Capital and Insight Partners this week in a deal valued at about $6 billion, The Wall Street Journal reported. Although the deal seemingly marks the end of sale process started by activists early last year, more action may come. Rival CoStar, who made a higher bid for the company, stated that they may submit another bid and are also considering launching a proxy fight. Senator Investment Group, led by Elliott Management alum Quentin Koffey, and Cannae Holdings initially pushed the real estate data company to conduct a strategic review and nominated a new slate, eventually winning three board seats in last year’s election.
After coming under some heavy pressure from activist hedge fund Starboard Value, Corteva delivered some good news this week. The crop seed and pesticide maker has stood behind its management team and strategy and during earnings on Wednesday forecasted an increase in profits and quarterly net income, above analyst expectations. With Starboard calling for CEO Jim Collins to step down, the timing of the forecast was fortuitous.
Lastly, Financial Times’ Pilita Clark pointed out the strikingly small number of board members with climate and ESG expertise, citing a new study from NYU’s Stern Center for Sustainable Business. Clark asserts that the gap between the net-zero pledges companies are making and boards with the know how to achieve them, are too large. She g went on to quote Larry Fink’s annual letter in which he says, “there is no company whose business model won’t be profoundly affected by the transition to a net zero economy.”
Have a great weekend,
Joel
