CoStar Group Pulls Out Of Bid For CoreLogic; Shares Gain 5.5%
Shares of CoStar Group were up 5.5% in pre-market trading on March
5 as the provider of commercial real estate information and online
marketplaces withdrew its bid for CoreLogic. CoStar Group (CSGP)
said that rising interest rates have resulted in a significant
decline in recent weeks of valuations of residential property
technology companies, which changed its view on the CoStar deal.
The company also said that the increase in interest rates is
expected to adversely impact the mortgage refinancing market.
Shares of CarLogic (CLGX) , a provider of real estate, consumer and
financial data analytics, dropped 3.4% before the bell. Shares of
CoStar Group have tanked 16.