CoreLogic Ex-CEO Beats Investor Suit Challenging $6 Billion Sale

Former CoreLogic Inc. CEO Frank Martell defeated investor litigation in Delaware over claims that he pushed the business intelligence company into a $6 billion private equity buyout when a better offer was on the table.

Vice Chancellor Nathan A. Cook dismissed the case Tuesday, saying Martell and the board had valid reasons for preferring the nominally lower all-cash deal to a $7.25 billion all-stock bid by CoStar Group Inc. that raised concerns about antitrust clearance and CoStar’s volatile share price.

Cook, writing for Delaware’s Chancery Court, rejected the main theory advanced by the Teamsters pension fund leading the case: that ...