Business
Cannae Holdings, Inc. Announces Support for Dun & Bradstreet Sale Transaction, An Increase in Share Buyback Authorization and a Transition to a Declassified Board
LAS VEGAS, March 25, 2025--Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae" or the "Company") today announced its support for the sale of Dun & Bradstreet ("DNB"), increased its share buyback authorization to approximately 23 million shares, and plans to transition to a declassified board with annual elections.
About this update from Cannae Holdings, Inc.
[{"type":"text","content":"~ Dun & Bradstreet Sale Will Provide ~$632 Million of Cash Proceeds to Cannae ~","length":83,"tagName":"p","attribs":{}},{"type":"text","content":"~ Cannae Increases Share Buyback Authorization to 23 Million Shares and Reiterates Priority for Capital Return to Shareholders~","length":127,"tagName":"p","attribs":{}},{"type":"text","content":"~ Cannae Board to Transition to a Declassified Board ~","length":54,"tagName":"p","attribs":{}},{"type":"text","content":"LAS VEGAS, March 25, 2025--(BUSINESS WIRE)--Cannae Holdings, Inc. (NYSE: CNNE) ("Cannae" or the "Company") today announced its support for the sale of Dun & Bradstreet ("DNB"), increased its share buyback authorization to approximately 23 million shares, and plans to transition to a declassified board with annual elections.","length":359,"tagName":"p"},{"type":"text","content":"William P. Foley, II, CEO and Chairman of Cannae, commented, "I would like to congratulate the DNB Board of Directors and management team on their recent announcement of the sale of the company and affirm Cannae’s support for the sale transaction through a Voting and Support Agreement. DNB is Cannae’s largest investment as Cannae holds 69.1 million shares, or approximately 16% of DNB shares."","length":405,"tagName":"p"},{"type":"text","content":"At the announced transaction value, Cannae would realize approximately $632 million. The transaction is expected to close in the third quarter of 2025, subject to Dun & Bradstreet shareholder approval, regulatory clearances and other customary closing conditions. The Voting and Support Agreement allows Cannae to sell up to 10 million DNB shares ahead of the transaction’s closing. The Company expects that a significant portion of proceeds received from the DNB transaction will be returned to shareholders in the form of share buybacks.","length":543,"tagName":"p"},{"type":"text","content":"The Company today announced that its Board of Directors has authorized a three-year stock repurchase program, effective March 24, 2025, under which the Company may repurchase up to 10 million additional shares of its common stock through March 24, 2028, in addition to the 12.95 million shares remaining under the prior authorizations, for an aggregate share buyback authorization of 22.95 million shares. As Cannae has previo...