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First American Drops CoreLogic Buyout Plan

Title insurer First American Financial Corp (FAF.N) said it was dropping its plan to acquire CoreLogic Inc (CLGX.N), barely two months after it offered to buy its former unit.  First American, which owns about 9 percent of CoreLogic, made the offer after the real estate data provider said it had hired boutique advisory firm Greenhill & Co to help explore options, including a possible sale or merger.

First American did not disclose the reason for withdrawing its offer.  The insurer also said it has settled a lawsuit with Bank of America N.A. and Fiserv Solutions Inc (FIS.N) over unpaid claims, according to a filing with the U.S. Securities and Exchange Commission.  First American said it will take an additional fourth-quarter charge of $19.2 million in connection with the settlement.

It appears that the First American’s spin-off of its real estate data unit, renamed CoreLogic, has gone sour.

Source:  Reuters

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