CoreLogic Inc.on April 7, through its wholly owned subsidiary CoreLogic Solutions LLC and CoreLogicAcquisition Co. Inc., amended the merger agreement related to the of FNC Inc. to reduce the initialcash consideration for the merger to $400 million from $475 million, subject tocertain adjustments.
The amendment also provides for a potential additional cash paymentof up to $75 million in 2018 in the event FNC Holding Co. Inc. and its subsidiariesmeet certain revenue targets for fiscal year 2017.
The adjustment in the initial cash consideration was negotiatedin connection with the expected loss of revenue and earnings from a customer ofFNC Holding resulting from the customer's election to in-source certain technologyproducts and services previously provided by FNC Holding.
The merger agreement is between CoreLogic Solutions, its whollyowned subsidiary CoreLogic Acquisition, FNC Holding, and Dennis Tosh Jr., an individualsolely in his capacity as shareholder representative, pursuant to which CoreLogicAcquisition will be merged with and into FNC Holding, with FNC Holding continuingas the surviving corporation and a wholly owned subsidiary of CoreLogic Solutions.
The transaction is expected to close by the end of April, subjectto customary closing conditions.