Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 90

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 90
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 offer a significantly higher valuation than $7.00 per share. Mr. Reffkin said that Morgan Stanley could reach out to Goldman Sachs, and Mr. Schneider replied that they should do so only if the valuation were in the teens and reflected the long-term value of Anywhere.

On July 9, 2025, the Compass Board held a meeting, in which members of Compass senior management and representatives of Morgan Stanley were in attendance, during which representatives of Morgan Stanley provided an update on its recent discussions with representatives of Goldman Sachs, including a recap of the July 7 meeting between Mr. Schneider and Ms. Wasser and Messrs. Reffkin and Serwin, and the perspective of the representatives from Morgan Stanley on potential revisions to the April Proposal. After further discussion, the Compass Board directed representatives of Morgan Stanley to communicate to representatives of Goldman Sachs a revised offer of $9.00 per share.

The Anywhere Board held a meeting on July 11, 2025, in which members of Anywhere senior management were in attendance, during which Mr. Schneider updated the Anywhere Board on the July 7 meeting that he and Ms. Wasser had with Messrs. Reffkin and Serwin.

On July 14, 2025, Messrs. Reffkin and Serwin called Mr. Schneider and Ms. Wasser to convey that Compass would be submitting a new proposal, which message was also conveyed, at the direction of the Compass Board, by representatives of Morgan Stanley to representatives of Goldman Sachs on July 15, 2025. Later in the day on July 15, 2025, representatives of Morgan Stanley, at the direction of the Compass Board, sent representatives of Goldman Sachs a non-binding proposal from Compass for the combination of Compass and Anywhere in a merger transaction pursuant to which existing Anywhere stockholders would receive shares of Compass Class A common stock worth $9.00 per share in exchange for their Anywhere common stock, implying an exchange ratio of 1.389x based on the closing price of Compass Class A common stock on July 15, 2025 (the “July 15 Proposal”), and requested a period of exclusivity for the execution of due diligence and the negotiation of a transaction. Following discussion with representatives of each of Goldman Sachs and Wachtell Lipton, on July 21, 2025, Mr. Schneider and Ms. Wasser had a call with Messrs. Reffkin and Serwin regarding the July 15 Proposal, during which call Mr.