Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 110

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 110
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 did not in any manner address the prices at which shares of Compass common stock will trade following consummation of the merger or at any time. Morgan Stanley’s opinion was not intended to, and does not, constitute a recommendation to any holder of shares of Compass common stock or Anywhere common stock as to how to vote at the Compass special meeting or the Anywhere special meeting, respectively, to be held in connection with the merger or whether to take any other action with respect to the merger. Morgan Stanley was not required to opine as to, and its opinion does not in any manner address, the underlying business decision by Compass to proceed with or effect the transactions contemplated by the merger agreement, or the likelihood that the merger is consummated. Morgan Stanley’s opinion did not address the relative merits of the merger as compared to any other alternative business transaction, or other alternatives, or whether or not such alternatives could be achieved or are available.

In connection with rendering its opinion, Morgan Stanley, among other things:

• reviewed certain publicly available financial statements and other business and financial information of Anywhere and Compass, respectively;

• reviewed certain internal financial statements and other financial and operating data concerning Anywhere and Compass, respectively;

• reviewed certain financial projections prepared by the management teams of Anywhere (the “Anywhere Projections”) and Compass (the “Compass Projections”), respectively;

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• reviewed information relating to certain strategic, financial and operational benefits anticipated from the merger, prepared by the managements of Anywhere and Compass, respectively;

• discussed the past and current operations and financial condition and the prospects of Anywhere with senior executives of Anywhere;

• discussed the past and current operations and financial condition and the prospects of Compass, including information relating to certain strategic, financial and operational benefits anticipated from the merger, with senior executives of Compass;

• reviewed the reported prices and trading activity for Anywhere common stock and Compass common stock;

• compared the financial performance of Anywhere and Compass and the prices and trading activity of Anywhere common stock and Compass common stock with that of certain other publicly-traded companies comparable with Anywhere and Compass, respectively, and their securities;

• reviewed the financial terms, to the extent publicly available, of certain comparable acquisition transactions;

• participated in certain discussions and negotiations among representatives of Anywhere and Compass and their financial and legal advisors;

• reviewed the merger agreement and certain related documents; and

• performed such other analyses, reviewed such other information and considered such other factors as Morgan Stanley deemed appropriate