Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 91

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 91
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 Schneider indicated that the terms conveyed in the July 15 Proposal were insufficient and that if Compass wished to have further discussions with Anywhere regarding a potential transaction, Compass would need to materially improve the value of its proposal.

On July 24, 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 $10.00 per share in exchange for their Anywhere common stock, implying an exchange ratio of 1.403x based on the closing price of Compass Class A common stock on July 24, 2025 (the “July 24 Proposal”). The July 24 Proposal also noted that if Anywhere provided requested diligence information to Compass that would allow Compass to validate the cost synergies opportunity, Compass potentially would be able to increase the offered

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valuation to a level up to $13.00 per share. The July 24 Proposal also requested a period of exclusivity for negotiation of a transaction.

On July 29, 2025, the Anywhere Board held a meeting to discuss the July 24 Proposal, with members of Anywhere senior management and representatives of Wachtell Lipton in attendance. During such meeting, Mr. Schneider updated the Anywhere Board on the conversations which he and Ms. Wasser had with Messrs. Reffkin and Serwin since the meeting of the Anywhere Board on June 27, 2025, and he summarized the terms of the July 15 Proposal and July 24 Proposal. Following discussion, the Anywhere Board directed Mr. Schneider to convey to Compass that, while the terms set forth in the July 24 Proposal were insufficient, Anywhere would be willing to engage in preliminary discussions and provide limited confidential due diligence information to support and validate Compass’ view of the value of Anywhere and the potential cost synergies that could be achieved in such transaction, with the understanding that Compass would be expected to improve the value proposal in the July 24 Proposal. The Anywhere Board directed Goldman Sachs to convey the Anywhere Board’s view to Morgan Stanley, which representatives of Goldman Sachs did via videoconference on July 31, 2025.

On August 4, 2025, in order to facilitate confidential negotiations and the exchange of due diligence information, the parties entered into a mutual confidentiality agreement, which contained stand