Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 131

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 131
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5, using an illustrative discount rate of 13.5%, reflecting an estimate of Compass’ cost of equity pro forma for the merger. Goldman Sachs derived such discount rate by application of the CAPM, which requires certain company-specific inputs, including a beta for Compass pro forma for the merger, as well as certain financial metrics for the United States financial markets generally. Goldman Sachs then multiplied the range of implied present value of the future value per share of Compass A common stock pro forma for the merger by the exchange ratio of 1.436 shares of Compass A common stock to be paid for each share of Anywhere common stock. This analysis resulted in a range of implied present values of $10.78 to $20.89 of the consideration to be paid for each share of Anywhere common stock.

Premia Paid Analysis

Goldman Sachs reviewed and analyzed, using publicly available information, the acquisition premia for (i) all-stock transactions, and (ii) all transactions, in each case, announced since 2015 involving a public company (excluding non-traded real estate investment trusts) as the target where the disclosed EVs for the transaction were between $3.0 billion and $5.0 billion. For the entire period, using publicly available information, Goldman Sachs calculated the average, 25th percentile and 75th percentile premiums of the price paid relative to the target’s last undisturbed closing stock price prior to announcement of the transaction. This analysis indicated (i) in the 18 all-stock transactions, an average equity value premium of 17.6% and an average EV premium of 9.9% across the period, and (ii) in the 160 total transactions, an average equity value premium of 39.6% and an average EV premium of 31.0% across the period. This analysis also indicated (i) in the 18 all-stock transactions, a 25th percentile equity value premium of 12.0%, 75th percentile equity value premium of 23.7%, 25th percentile EV premium of 5.2%, and 75th percentile EV premium of 12.3% across the period, and (ii) in the 160 total transactions, a 25th percentile equity premium of 14.8%, 75th percentile equity premium of 52.0%, 25th percentile EV premium of 11.0%, and 75th percentile EV premium of 38.0% across the period. Using this analysis,