Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 87

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 87
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 Mr. Williams alerted Ms. Wasser and Mr. Schneider of the conversation.

On April 2, 2025, the Anywhere Board held a meeting with members of Anywhere senior management and representatives of Goldman Sachs, Anywhere’s financial advisor, and Wachtell, Lipton, Rosen & Katz (“Wachtell Lipton”), its legal advisor, in attendance. During this meeting, Mr. Lenz summarized for the Anywhere Board the meeting he and Mr. Mollett had with Mr. Reffkin, and the Anywhere Board discussed the possibility of a combination of Compass and Anywhere. Following the discussion, the Anywhere Board directed Goldman Sachs to speak to Morgan Stanley, Compass’ financial advisor, to indicate that Anywhere would be willing to review a transaction proposal from Compass, but that the valuation would need to be at a very high premium reflecting the significant potential cost synergies and the long-term value of a combination, and would need to address certainty of closing. The Anywhere Board noted the need for confidentiality and expedition if a proposal were to be made and pursued. The Anywhere Board also discussed with Wachtell Lipton its fiduciary duties in connection with the

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review of any potential proposal. On April 3, 2025, representatives of Goldman Sachs reached out to representatives of Morgan Stanley to convey the messages that the Anywhere Board had directed them to convey.

On April 7, 2025, the Compass Board held a meeting with members of Compass senior management and representatives of Morgan Stanley in attendance. During this meeting, representatives of Morgan Stanley shared their perspective on a potential transaction with Anywhere, including their preliminary views on a valuation of the Anywhere business and a potential offer by Compass of a stock for stock acquisition in which holders of Anywhere common stock would receive shares of Compass Class A common stock worth $7.00 per share in exchange for their Anywhere common stock. Following the discussion, the Compass Board directed representatives of Morgan Stanley to communicate the terms of the offer to representatives of Goldman Sachs.

On April 8, 2025, at the direction of the Compass Board, representatives of Morgan Stanley 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 $7.00 per share in exchange for their Anywhere common stock, implying an exchange ratio of 0.865x based