Cannae Holdings, Inc. Announces Support for Dun & Bradstreet Sale Transaction, An Increase in Share Buyback Authorization and a Transition to a Declassified Board
Cannae Holdings (NYSE: CNNE) has announced its support for the sale of Dun & Bradstreet (DNB), where it holds a 16% stake (69.1 million shares). The transaction is expected to generate approximately $632 million in cash proceeds for Cannae and close in Q3 2025.
The company has significantly expanded its share buyback program, authorizing the repurchase of up to 23 million shares through March 2028, combining 10 million new shares with 12.95 million remaining from prior authorizations. Under the DNB Voting and Support Agreement, Cannae can sell up to 10 million DNB shares before the transaction closes.
Additionally, Cannae plans to transition to a declassified board structure with annual director elections, with a proposal to be presented at the 2025 shareholder meeting. The company aims to minimize its stock's net asset value discount and return significant capital to shareholders through buybacks.
Cannae Holdings (NYSE: CNNE) ha annunciato il suo supporto per la vendita di Dun & Bradstreet (DNB), in cui detiene una partecipazione del 16% (69,1 milioni di azioni). Si prevede che la transazione generi circa 632 milioni di dollari in proventi in contante per Cannae e si chiuda nel terzo trimestre del 2025.
L'azienda ha significativamente ampliato il suo programma di riacquisto di azioni, autorizzando il riacquisto di fino a 23 milioni di azioni fino a marzo 2028, combinando 10 milioni di nuove azioni con 12,95 milioni rimanenti da autorizzazioni precedenti. Ai sensi dell'Accordo di Voto e Supporto DNB, Cannae può vendere fino a 10 milioni di azioni DNB prima della chiusura della transazione.
Inoltre, Cannae prevede di passare a una struttura di consiglio declassificato con elezioni annuali dei direttori, con una proposta che sarà presentata all'assemblea degli azionisti del 2025. L'azienda mira a ridurre il discount sul valore netto delle sue azioni e a restituire capitale significativo agli azionisti attraverso i riacquisti.
Cannae Holdings (NYSE: CNNE) ha anunciado su apoyo a la venta de Dun & Bradstreet (DNB), donde posee una participación del 16% (69,1 millones de acciones). Se espera que la transacción genere aproximadamente 632 millones de dólares en ingresos en efectivo para Cannae y se cierre en el tercer trimestre de 2025.
La compañía ha ampliado significativamente su programa de recompra de acciones, autorizando la recompra de hasta 23 millones de acciones hasta marzo de 2028, combinando 10 millones de nuevas acciones con 12,95 millones restantes de autorizaciones anteriores. Según el Acuerdo de Voto y Apoyo de DNB, Cannae puede vender hasta 10 millones de acciones de DNB antes de que se cierre la transacción.
Además, Cannae planea pasar a una estructura de junta desclasificada con elecciones anuales de directores, presentando una propuesta en la reunión de accionistas de 2025. La compañía busca minimizar el descuento en el valor neto de sus acciones y devolver capital significativo a los accionistas a través de las recompras.
Cannae Holdings (NYSE: CNNE)는 16%의 지분(6910만 주)을 보유한 Dun & Bradstreet (DNB)의 매각을 지원한다고 발표했습니다. 이 거래는 Cannae에게 약 6억3200만 달러의 현금 수익을 창출할 것으로 예상되며, 2025년 3분기에 마무리될 예정입니다.
회사는 주식 매입 프로그램을 대폭 확대하여 2028년 3월까지 최대 2300만 주의 자사주 매입을 승인했으며, 이는 1000만 주의 신규 주식과 이전 승인에서 남은 1295만 주를 결합한 것입니다. DNB 투표 및 지원 계약에 따라 Cannae는 거래가 종료되기 전에 최대 1000만 주의 DNB 주식을 판매할 수 있습니다.
또한 Cannae는 연례 이사 선거가 있는 비분류 이사회 구조로 전환할 계획이며, 2025년 주주 총회에서 제안서를 제출할 예정입니다. 회사는 주식의 순자산 가치 할인율을 최소화하고 자사주 매입을 통해 주주에게 상당한 자본을 반환하는 것을 목표로 하고 있습니다.
Cannae Holdings (NYSE: CNNE) a annoncé son soutien à la vente de Dun & Bradstreet (DNB), où elle détient une participation de 16 % (69,1 millions d'actions). La transaction devrait générer environ 632 millions de dollars de produits en espèces pour Cannae et se clôturer au troisième trimestre 2025.
L'entreprise a considérablement élargi son programme de rachat d'actions, autorisant le rachat de jusqu'à 23 millions d'actions jusqu'en mars 2028, combinant 10 millions de nouvelles actions avec 12,95 millions restantes des autorisations précédentes. En vertu de l'Accord de Vote et de Soutien DNB, Cannae peut vendre jusqu'à 10 millions d'actions DNB avant la clôture de la transaction.
De plus, Cannae prévoit de passer à une structure de conseil non classifiée avec des élections annuelles des directeurs, avec une proposition qui sera présentée lors de l'assemblée des actionnaires de 2025. L'entreprise vise à minimiser l'écart de valeur nette de ses actions et à restituer un capital significatif aux actionnaires grâce aux rachats.
Cannae Holdings (NYSE: CNNE) hat seine Unterstützung für den Verkauf von Dun & Bradstreet (DNB) bekannt gegeben, an dem es eine Beteiligung von 16% (69,1 Millionen Aktien) hält. Es wird erwartet, dass die Transaktion Cannae etwa 632 Millionen Dollar an Barerlösen einbringt und im dritten Quartal 2025 abgeschlossen wird.
Das Unternehmen hat sein Aktienrückkaufprogramm erheblich ausgeweitet und die Rückkauf von bis zu 23 Millionen Aktien bis März 2028 genehmigt, indem 10 Millionen neue Aktien mit 12,95 Millionen verbleibenden aus vorherigen Genehmigungen kombiniert werden. Im Rahmen der DNB-Wahl- und Unterstützungsvereinbarung kann Cannae bis zu 10 Millionen DNB-Aktien verkaufen, bevor die Transaktion abgeschlossen ist.
Darüber hinaus plant Cannae, zu einer nicht klassifizierten Vorstandstruktur mit jährlichen Wahlen der Direktoren überzugehen, wobei ein Vorschlag auf der Hauptversammlung der Aktionäre 2025 vorgestellt werden soll. Das Unternehmen zielt darauf ab, den Abschlag auf den Nettovermögenswert seiner Aktien zu minimieren und den Aktionären durch Rückkäufe erhebliches Kapital zurückzugeben.
- Expected $632 million cash proceeds from DNB sale
- Substantial share buyback authorization of 23 million shares
- Flexibility to sell up to 10 million DNB shares pre-closing
- Commitment to return significant capital to shareholders
- Corporate governance improvement through board declassification
- Transaction closing delayed until Q3 2025
- Sale subject to regulatory and shareholder approval risks
Insights
Cannae's announcement represents a significant strategic shift with three material developments for investors.
First, the monetization of Cannae's 16% stake in Dun & Bradstreet will generate approximately
Second, the expanded share repurchase program to 23 million shares (combining 10 million new shares plus nearly 13 million remaining from prior authorizations) signals management's confidence and commitment to capital return. This authorization represents approximately
Third, the transition to a declassified board structure with annual director elections enhances corporate governance by increasing director accountability to shareholders.
CEO Foley's explicit acknowledgment of the "significant net asset value discount" in Cannae's stock price demonstrates management's alignment with shareholder interests. By monetizing their largest investment and committing substantial proceeds to share repurchases, management is taking concrete action to address this valuation gap rather than simply acknowledging it.
The transaction timing (Q3 2025 closing) creates a moderate execution timeline, though the support agreement's provision allowing for up to 10 million DNB shares to be sold ahead of closing provides some near-term flexibility.
~ Dun & Bradstreet Sale Will Provide
~ Cannae Increases Share Buyback Authorization to 23 Million Shares and Reiterates Priority for Capital Return to Shareholders~
~ Cannae Board to Transition to a Declassified Board ~
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
At the announced transaction value, Cannae would realize approximately
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 previously announced, the Company has identified, as a strategic priority, the return of capital to shareholders through buybacks. The increased authorization demonstrates Cannae’s commitment to doing so. Buybacks may be made from time to time in the open market at prevailing prices, in privately negotiated transactions or through a tender offer. The repurchase program does not obligate the Company to acquire any specific number of shares over any particular time period and may be suspended or terminated at any time.
Cannae also announced its intention to migrate to annual election of directors on a phased basis. The Company will include a proposal regarding declassification of the Board at its 2025 annual shareholder meeting.
Mr. Foley added “The Board and I believe there remains significant embedded value in Cannae’s portfolio and upside in our stock price as we continue to execute on our strategic plan outlined when I returned as CEO. We recognize there is a significant net asset value discount in our stock price, and we are dedicated to minimizing that discount. We believe the monetization of DNB, our largest investment, coupled with the increased share buyback authorization, demonstrates our commitment to implementing our plan, returning capital to shareholders and driving an increase in our stock price. We also believe the declassification of our board demonstrates our continued practice of listening to and working with our shareholders.”
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, beliefs, plans, intentions, or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management, including statements about the completion of the D&B transaction, our buyback program, board declassification, and our ability to implement our plans. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: risks associated with our ability to successfully operate businesses outside our traditional areas of focus; changes in general economic, business and political conditions, including changes in the financial markets and changes in macroeconomic conditions resulting from the outbreak of a pandemic or escalation of the current conflicts in
This press release should be read in conjunction with the risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors,” and other sections of the Company’s Forms 10-Q, Form 10-K and our other filings with the SEC.
Important Additional Information and Where to Find It
The Company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company’s shareholders for the Company’s 2025 annual meeting of shareholders. THE COMPANY’S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the Company files with the SEC at no charge from the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC Filings” link in the “Financials” section of the Company’s website at https://www.cannaeholdings.com/financial-information/sec-filings.
Certain Information Regarding Participants in the Solicitation
The Company, its directors (William P. Foley, II; Douglas K. Ammerman; Hugh R. Harris; C. Malcolm Holland; Mark D. Linehan; Frank R. Martire; Erika Meinhardt; Barry B. Moullet; James B. Stallings, Jr.; and Frank P. Willey) and certain of its executive officers (William P. Foley, II, Chief Executive Officer and Chief Investment Officer; Ryan R. Caswell, President; Bryan D. Coy, Chief Financial Officer; Peter T. Sadowski, Executive Vice President and Chief Legal Officer; and Michael L. Gravelle, Executive Vice President, General Counsel, and Corporate Secretary) and other employees may be deemed “participants” (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the Company’s 2025 annual meeting of shareholders. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company, by security holdings or otherwise, is set forth in the sections entitled “Compensation Discussion and Analysis and Executive and Director Compensation,” “Security Ownership of Certain Beneficial Owners, Directors and Executive Officers,” and “Executive Compensation” of the Company’s Proxy Statement on Schedule 14A in connection with the 2024 annual meeting of shareholders, filed with the SEC on April 26, 2024 (available here), and the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2025 (available here). Supplemental information regarding the participants’ holdings of the Company’s securities can be found at no charge in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on July 3, 2024 and February 28, 2025 for William P. Foley, II (available here and here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Douglas K. Ammerman (available here, here, here, and here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Hugh R. Harris (available here, here, here, and here); November 15, 2024 for C. Malcolm Holland (available here); November 15, 2024 for Mark D. Linehan (available here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Frank R. Martire (available here, here, here, and here); July 1, 2024, October 1, 2024, November 15, 2024 and January 3, 2025 for Erika Meinhardt (available here, here, here, and here); November 15, 2024 for Barry B. Moullet (available here); November 15, 2024 for James B. Stallings, Jr. (available here); November 15, 2024 for Frank P. Willey (available here); November 13, 2024, February 28, 2025 and March 21, 2025 for Michael L. Gravelle (available here, here and here); February 24, 2025, February 28, 2025, March 3, 2025 and March 17, 2025 for Peter T. Sadowski (available here, here, here and here); February 28, 2025, March 4, 2025 and March 17, 2025 for Ryan Caswell (available here, here and here); February 28, 2025, March 3, 2025 and March 17, 2025 for Bryan Coy (available here, here and here). Such filings are also available at no charge by clicking the “SEC Filings” link in the “Financials” section of the Company’s website at https://www.cannaeholdings.com/financial-information/sec-filings.
Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the 2025 annual meeting of shareholders, if and when they become available. These documents will be available free of charge as described above.
About Cannae Holdings, Inc.
We primarily acquire interests in operating companies and are actively engaged in managing and operating a core group of those companies. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250325096485/en/
Jamie Lillis, Managing Director
Solebury Strategic Communications
203-428-3223
jlillis@soleburystrat.com
Source: Cannae Holdings, Inc.
FAQ
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