Shares of technology companies slipped as investors shifted away from the pandemic's highest-flying sector and into more economically-sensitive groups.
CoStar Group said it is proposing to buy CoreLogic for about $6.9 billion, as it tries to compete against an agreement by two private-equity firms to buy the real-estate data provider for roughly $6 billion in cash. The proposed acquisition, at roughly $95.76 a share, reflects a premium of 16.8% over CoreLogic's closing price Friday.
Stone Point Capital and Insight Partners earlier this month agreed to buy CoreLogic for $80 a share, and The Wall Street Journal reported that CoStar was considering options including a new bid.
Shares of Palantir Technologies tumbled after the data-integration and software company reported a surprise loss in the fourth quarter. The company also said its revenue growth may slow a bit this year compared with 2020 and committed to beefing up its sales force.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
02-16-21 1731ET
