TIG Advisors Sends Letter to CoreLogic Board

Urges CoreLogic to Immediately Execute an Efficient Auction Process

Intends to Support ISS’ Recommendation to Remove CoreLogic’s Three Longest-Tenured Directors

NEW YORK--(BUSINESS WIRE)--TIG Advisors, LLC, an investment adviser which owns approximately 2.3 million shares of CoreLogic, Inc. (NYSE: CLGX) (“CoreLogic” or the “Company”) as of the record date for the Special Meeting of Shareholders scheduled for November 17, 2020, today sent a letter to the CoreLogic Board of Directors in response to the Company’s press release on November 3, 2020 regarding its ongoing strategic review.

The full text of the letter follows.

November 6, 2020

The Board of Directors
CoreLogic, Inc.
40 Pacifica, Suite 900
Irvine, CA 92618

Dear Members of the Board,

TIG Advisors, LLC, an SEC registered investment adviser, holds (through private investment funds and accounts over which it has investment discretion) approximately 2.3 million shares of CoreLogic, Inc. (“CoreLogic” or the “Company”) as of the record date of September 18, 2020 for the Special Meeting of Shareholders scheduled for November 17, 2020. As shareholders, we are writing this letter to express our views regarding the Company’s press release on November 3 regarding its ongoing strategic review.

Based on the information provided publicly by CoreLogic, multiple parties have expressed interest in acquiring the Company at approximately $80+ per share. The Company should immediately transition to running an efficient auction process. CoreLogic’s hesitation to immediately capitalize on this opportunity is puzzling. The strategic review process that is currently ongoing was initiated with the sole intent to maximize shareholder value. The situation that has presented itself is without a doubt the best opportunity to deliver on that promise; therefore, we question what rationale supports the Company’s current posture.

As shareholders we cannot allow the November 17 Special Meeting to pass without taking action. If this opportunity is missed, the current board will control strategic direction until the Annual Meeting in April 2021, which can easily be delayed.

Although we appreciate the board’s efforts through this strategic review, it is time to implement independent directors that will offer the appropriate oversight and input on the pending sales process. It is imperative to construct a board that gives potential bidders confidence that the Company is dedicated to running a fair process. An independent board committee should be established by the board of directors to run the auction process. It is unacceptable to expect shareholders to wait until the Annual Meeting, April 2021, to express their rights. Time is of the essence. After reviewing both ISS and Glass Lewis recommendations we feel there is a clear mandate for shareholders to implement new board members at the upcoming Special Meeting. For that reason, we intend to support ISS’ recommendation to remove the board’s three longest-tenured directors, James David Chatham, Thomas C O’Brien, and David Walker, to be replaced with W. Steve Albrecht, Wendy Lane and Henry W. Winship.

Regards,

Drew Figdor
Portfolio Manager

Who is TIG Advisors?

TIG Advisors is an investment adviser based in New York City with approximately $6 billion in assets, representing a diverse range of investment strategies primarily for institutional investors, including pension funds, life insurance companies and others. Our Firm, founded in 1980, has long held a goal of working constructively with management teams to help identify, surface and capture value that may not be otherwise apparent to the marketplace.

TIG Advisors believes in three key governance principles as it relates to the conduct of the boards of the companies that we invest in:

• Accountability and Engagement – the board holds itself accountable to stockholders and maintains an active and responsive engagement process with its stockholders. Effective engagement includes actively soliciting stockholder views on significant matters that impact long-term stockholder value and being responsive to the expressed views of stockholders.

• Transparency – the board maintains a transparent strategic and decision-making process, open to scrutiny from stockholders. The board should provide timely and complete information to stockholders to allow them to evaluate board decisions and make informed voting and investment decisions.

• Independence and Alignment – board members are independent enough to diligently supervise management, ensuring that they act in the interests of stockholders. Boards should have effective, aligned and independent leadership that is focused on preserving and enhancing stockholder value on a time and risk-adjusted basis.

About TIG Advisors, LLC

TIG Advisors is an investment adviser based in New York City with approximately $6 billion in assets, representing a diverse range of investment strategies primarily for institutional investors, including pension funds, life insurance companies and others. For more information, please visit https://www.tigfunds.com/