Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 118

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 118
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     | Redfin                       |     | Rocket Companies                      |
| May 2022       |     | Black Knight                 |     | Intercontinental Exchange             |
| June 2021      |     | RE/MAX INTEGRA North America |     | RE/MAX                                |
| February 2021  |     | CoreLogic                    |     | Stone Point Capital; Insight Partners |
| December 2020  |     | RealPage                     |     | Thoma Bravo                           |
| September 2020 |     | Service Master Brands        |     | Roark Capital Group                   |
| March 2019     |     | HFF                          |     | JLL                                   |
| September 2014 |     | Move                         |     | News Corp.                            |
| July 2014      |     | Trulia                       |     | Zillow                                |
| May 2014       |     | Studley                      |     | Savills                               |
| December 2006  |     | Realogy                      |     | Apollo Management                     |

Morgan Stanley reviewed (i) the premiums paid to the target companies’ unaffected stock prices (defined for each selected precedent transaction as the closing stock price on the trading day prior to the announcement of the transaction or prior to a news report, management commentary, public filing, or other public disclosure regarding a potential transaction), (ii) the premiums paid to aggregate value calculated based upon the target companies’ unaffected stock prices, and (iii) for informational purposes only, the ratio of the aggregate value of the target companies to such target company’s adjusted EBITDA over the next twelve months following the announcement of the transaction, which we refer to as “AV / NTM Adj. EBITDA.” The observed twenty-fifth percentile and seventy-fifth percentile premiums to unaffected share prices in all transactions reviewed (excluding transactions in which the target was not publicly traded) were 21% and 68%, respectively, with a median premium to unaffected stock price of 40%. The observed twenty-fifth percentile and seventy-fifth percentile premiums to aggregate value based upon unaffected stock prices paid in all transactions reviewed (excluding transactions in which the target was not publicly traded) were 25% and 64%, respectively, with a median premium to aggregate value based upon unaffected stock price of 37%. An implied per share equity value reference range for Anywhere was then calculated based on applying those premiums to the closing price per share of Anywhere common stock and aggregate value of Anywhere on September 18,