(Updates CoreLogic share price)
By Svea Herbst-Bayliss and Ayanti Bera
July 7 (Reuters) - Property data and analytics company CoreLogic rejected an unsolicited $7 billion takeover offer from two investment firms on Tuesday, saying it expected to earn more this year and would buy back more of its stock.
A consortium of Cannae Holdings Inc and Senator Investment Group last month proposed to buy the company for $65 per share. CoreLogic shares ended trading on Tuesday at $68.67.
"Given CoreLogic’s strong momentum, increasing margins, accelerating growth, and multi-faceted value-creation model, we are unanimous in our belief that CoreLogic will be able to deliver significantly more value to shareholders than this opportunistic proposal," CoreLogic chairman Paul Folino said.
CoreLogic noted that Cannae and Senator purchased some shares for more than $68, calling it a sign the investment firms know it is worth more.
CoreLogic raised its full-year 2020 revenue forecast to between $1.84 billion and $1.88 billion from between $1.69 billion and $1.73 billion. Analysts on average expected revenue of $1.73 billion, according to IBES data from Refinitiv.
The new financial guidance reflected market share gains and major new business wins as well as the latest estimates of housing market activity, the company said.
CoreLogic said it had boosted its share repurchase authorization to $1 billion. It also said it adopted a short-term shareholder rights plan which, if implemented, would prevent investors from acquiring 10% or more of its common stock, or 20% in the case of certain passive investors.
Cannae and Senator, which jointly hold an economic interest of roughly 15% in CoreLogic, said they would call a special meeting as early as July 28 to replace the company's board if it did not engage in sale talks. CoreLogic said it was open to meeting with Cannae and Senator.
CoreLogic also said the acquisition offer raised "serious regulatory concerns" about overleaps with other companies in which Cannae chairman Bill Foley is involved.
Cannae and Senator said they were willing to provide a "hell or high water" commitment to take any action needed to secure regulatory approval. (Reporting by Svea Herbst-Bayliss in Boston, Ayanti Bera in Bengaluru; Editing by Anil D'Silva, Bernadette Baum and David Gregorio)