By Svea Herbst-Bayliss and Greg Roumeliotis
(Reuters) – Investment firms Cannae Holdings
Shareholders elected Steve Albrecht, Wendy Lane and Henry Winship to replace David Chatham, David Walker and Thomas O’Brien, the board’s three longest serving directors, the company and investors said. Shareholders did not vote to oust chairman, Paul Folino.
Cannae and Senator, which originally wanted to buy the company but saw their $7 billion offer rebuffed, tried to replace nine of the board’s 12 directors at a special meeting.
“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,” Senator partner Quentin Coffey said in a statement.
The investors in late June publicly proposed buying CoreLogic for $66 a share and said changes were needed on the board.
Special meetings have special requirements and more than half of the outstanding shares must be voted in favor of removing board directors.
Proxy advisory firms recommended that shareholders replace at least three directors, arguing new board members with expertise in selling companies would be useful to monitor a sales process.
Since rejecting the investors’ bid, CoreLogic has been approached by other parties who promised to pay more. It reported last week that its strategic review process was progressing well and that it had secured multiple expressions of interest of at least $80 per share. Cannae and Senator said last month they would not submit a topping bid and would welcome a sale. Senator bought in March when the stock was trading around $30. On Tuesday, it traded up 0.9% at $78.87.
(Reporting by Svea Herbst-Bayliss and Greg Roumeliotis; editing by Jonathan Oatis, Dan Grebler and David Gregorio)
