Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 92

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 92
---
still provisions binding on both Anywhere and Compass with standard fall-away rights and a “don’t ask, don’t waive” provision prohibiting the applicable party from requesting that it be released from the standstill restrictions (other than certain confidential requests to the other party’s board of directors) for so long as the standstill remained in effect.

On August 7, 2025, representatives of the Anywhere and Compass senior management teams, together with representatives of Goldman Sachs and Morgan Stanley, met virtually. During this meeting, Anywhere made a presentation to Compass which provided an overview of Anywhere’s historical cost structure and potential cost synergy opportunities.

On August 8, 2025, the parties entered into a supplemental clean team confidentiality agreement providing for special procedures for reviewing and handling certain competitively sensitive information of Anywhere and Compass provided to the other party and its representatives.

On August 13, 2025, the Compass Board held a meeting to receive an update on the proposed transaction with Anywhere, with members of Compass senior management and representatives of Morgan Stanley in attendance. The representatives of Morgan Stanley shared an update on the conversations between Compass and Anywhere over the preceding weeks and provided updated perspectives on the financial terms of the July 24 Proposal. Following discussion, the Compass Board directed that the Compass senior management team continue its due diligence of Anywhere and determined that the July 24 Proposal should be amended to make a non-binding offer for Anywhere at a price of $13.00 per share with a thirty (30)-day exclusivity period.

On August 14, 2025, representatives of the Anywhere and Compass senior management teams, together with representatives of Goldman Sachs and Morgan Stanley, met virtually to further discuss cost synergy opportunities that could be achieved in a potential transaction.

Over the course of the weeks of August 10 and August 17, 2025, the Anywhere management team continued to provide Compass with select due diligence information via a virtual data room, in order to allow Compass to continue to evaluate the potential cost synergies for the combined company.

On August 22, 2025, at the direction of the Compass Board, representatives of Morgan Stanley sent 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 $13.00 per share in exchange for their Anywhere common stock, implying an exchange ratio of 1.531x based on the closing price of Compass Class A common stock