Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 88

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 88
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 on the closing price of Compass Class A common stock on April 7, 2025 (the “April Proposal”). The April Proposal also requested that the parties agree to a thirty (30)-day exclusivity period for the negotiation of a transaction.

On April 11, 2025 and April 12, 2025, the Anywhere Board met with members of Anywhere senior management and representatives of Goldman Sachs and Wachtell Lipton in attendance at both meetings. During these meetings, the Anywhere Board discussed the April Proposal with, and received input and analysis from, Anywhere’s management team and Goldman Sachs, and representatives of Goldman Sachs reviewed a preliminary financial analysis regarding the financial terms of the potential transaction. The representatives of Wachtell Lipton also reviewed with the Anywhere Board their fiduciary duties in connection with their consideration of the April Proposal. During these meetings, the Anywhere Board determined that the April Proposal was insufficient, and that Anywhere would require a significantly higher valuation that reflected the long-term value of Anywhere, which would reflect a share price in the teens, as well as a commitment to a highly expedited timeline to complete due diligence and a commitment to closing certainty, to merit engagement. Following these meetings, at the direction of the Anywhere Board, representatives of Goldman Sachs conveyed these messages to representatives of Morgan Stanley on April 12, 2025.

On April 13, 2025, representatives of Goldman Sachs shared proposed regulatory efforts merger agreement language, which was prepared by representatives of Wachtell Lipton, with representatives of Morgan Stanley. That same day, the Compass Board met, with members of Compass’ senior management and representatives of Morgan Stanley and Kirkland & Ellis, LLP (“Kirkland”), Compass’ legal advisor, in attendance. During the meeting, the Compass Board discussed the April Proposal with, and received input and analysis from, Compass’ management team and Morgan Stanley, and representatives of Morgan Stanley reviewed the financial terms of the April Proposal and discussed with the Compass Board whether to amend the terms of the April Proposal. The representatives of Kirkland also reviewed with the Compass Board the April Proposal, providing their perspectives on the terms generally. During the meeting, the Compass Board determined that it would not amend its prior offer in the April Proposal and directed the representatives of Morgan Stanley to deliver that message to the representatives of Goldman Sachs.

On April 14, 2025, at the direction of the Compass Board, representatives of Morgan Stanley conveyed that Compass would not be willing to revisit