CoreLogic Inc (CLGX.N) said it has hired boutique advisory firm Greenhill & Co Inc (GHL.N) to help it explore options, including a possible sale or merger, sending its shares up 15 percent in extended trade. The company has formed a committee to look into various strategic options, including cost cutting moves and possible repurchases of debt, it said in a statement. Highfields Capital Management -- which owns about 8 percent of Corelogic's shares -- said selling the company to a strategic or financial buyer would be the "best possible way to serve the interests of all shareholders." Highfields Capital, which sees many buyers ready to snap up Corelogic, said it has conveyed its views to Corelogic's board and management.
CoreLogic, Inc., formerly The First American Corporation, is a provider of property, financial and consumer information, analytics and services to mortgage originators and servicers, financial institutions and other businesses, government and government-sponsored enterprises. Shares of CLGX traded higher by 4.39% or $0.37/share to $8.79. In the past year, the shares have traded as low as $7.64 and as high as $20.97. On average, 1064880 shares of CLGX exchange hands on a given day and today's volume is recorded at 518121.
Greenhill & Co., Inc., (Greenhill) is an independent investment bank focused on providing financial advice on significant mergers, acquisitions, restructurings, financings and capital raising to corporations, partnerships, institutions and governments. Shares of GHL traded higher by 2.58% or $0.93/share to $36.93. In the past year, the shares have traded as low as $33.45 and as high as $84.51. On average, 591273 shares of GHL exchange hands on a given day and today's volume is recorded at 364356.
Source
