(Bloomberg) -- The investors pushing for changes at CoreLogic Inc. have won three seats on the board of the data provider after a lengthy battle that has dragged out since June.
CoreLogic said in a statement that preliminary tallies show that Cannae Holdings Inc. and Senator Investment Group have won the necessary support for three of their nominees: Steve Albrecht, Wendy Lane and Henry Winship. The statement confirmed an earlier Bloomberg News report.
“We welcome Steve, Wendy and Jay to the board of directors,” said CoreLogic Chairman Paul Folino. “We look forward to working together and will get them up to speed quickly on our business and our strategic review process.”
Cannae and Senator had been seeking to replace nine board directors at a special meeting held Tuesday. Their nominees will replace incumbent directors David Chatham, Thomas O’Brien and David Walker, the company said.
The investors said in a statement that more than 86% of all votes were in favor of electing their three nominees. They also noted about 50% of the shares cast also voted for the removal of Folino, short of the threshold needed to do so.
“Today’s vote is a clear mandate from shareholders for CoreLogic’s board to promptly engage in good faith with all bidders for the company and to maximize value,” said Quentin Koffey, Senator partner, in a statement. “We are confident that Steve, Wendy, and Jay will bring important perspectives and experience to the boardroom, as they help oversee a process to ensure the best possible outcome for shareholders.”
The dispute stems back to June when Bill Foley’s Cannae and Senator proposed buying the company for $7 billion, including debt. That offer, and subsequent one at $66 a share, was rejected by CoreLogic’s board, which argued it undervalued the company.
CoStar Group Inc. and a consortium consisting of Warburg Pincus and GTCR have since expressed interest in exploring a deal for the company, Bloomberg News has reported. CoreLogic subsequently launched a strategic review, and has said it has received written indications of interest in acquiring the company at $80 a share or more.
Cannae and Senator have said they are no longer interested in pursuing the company at that price. They continued with their proxy contest though, saying new directors were needed because they doubted CoreLogic would run a full and fair sales process.
Two prominent shareholder advisory firms have lent their support to Cannae and Senator. Institutional Shareholder Services Inc. urged investors to support three of their nominees while Glass Lewis & Co. came out in support of four dissident nominees, and also urged investors to vote out the company’s chairman.
Other investors, including Pentwater Capital Management, Neuberger Berman, and TIG Advisors, have also called for a full sales process.
(Updates with company and investor comments throughout)
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