Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 102

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 102
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, are fair to, and in the best interests of, Anywhere and the holders of Anywhere common stock, (ii) approved and declared advisable the merger agreement and the transactions contemplated thereby, including the merger and (iii) resolved to recommend that the holders of Anywhere common stock approve and adopt the merger agreement and the transactions contemplated thereby, including the merger, and directed that such matter be submitted for consideration to holders of Anywhere common stock.

In evaluating the merger agreement and the transactions contemplated thereby, the Anywhere Board consulted with Anywhere ’s management and legal and financial advisors and considered a number of factors, including the following material factors (which are not necessarily listed in order of relative importance):

• Valuation and form of consideration : The Anywhere Board’s belief that the merger consideration represented a compelling valuation, particularly relative to the value that could reasonably be expected to be obtained from Anywhere’s standalone plan and other alternatives available to Anywhere, with the opportunity to participate in future earnings, growth and share price appreciation of the combined company, including due to the following considerations:

• The fact that the implied value per share of Anywhere common stock based on the exchange ratio was $13.50 based on the closing price of $9.40 per share of Compass Class A common stock on September 19, 2025 (the last trading day prior to the Anywhere Board meeting to approve the merger agreement), representing an approximately 91% premium to Anywhere’s share price based on the closing price of $7.07 per share of Anywhere common stock on September 19, 2025, and that such implied value of the merger consideration implied an equity value premium that was significantly above relevant precedent transactions of which the Anywhere Board was aware.

• The fact that 100% of the merger consideration would be in the form of Compass Class A common stock, which would allow Anywhere stockholders, who would own approximately 22% of the combined company, to participate in the future growth and opportunities of the combined company and the anticipated pro forma impact of the merger, and otherwise benefit from the financial performance of Compass and potential appreciation in the value of Compass Class A common stock, an opportunity that the Anywhere Board considered to be attractive for the reasons discussed below under “—Strategic considerations and synergies.”

• The terms of the merger agreement and the fact that the exchange ratio is fixed, with no adjustment or merger consideration to be received by holders of Anywhere common stock as a

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