CoStar Group has elected to end its hostile bid to acquire CoreLogic, citing the impact of rising interest rates on the value of real estate-related businesses.
“With interest rates moving up, now is not the time for us to aggressively buy into the residential mortgage market,” Andrew Florance, CEO of CoStar Group said in a press release that came out after the market closed on Thursday.
Earlier in the day, CoreLogic asked CoStar to increase the cash portion of its $7.25 billion offer for the company.
CoStar closed on Thursday at $758.46, down $4.34 per share from the previous day. But in early post-closing trading, CoStar’s shares zoomed up to $820.
CoreLogic’s primary concern regarding CoStar’s bid was that its stock price had fallen $177
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