Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 100

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 100
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 be terminated, in its belief, are fair to, and in the best interests of, Compass and the holders of Compass common stock. Compass also reviewed and considered the conditions to

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completion of the merger, and concluded that while the completion of the merger is subject to various regulatory clearances, such clearances were likely to be satisfied on a timely basis.

The Compass Board weighed these advantages and opportunities against a number of potentially negative factors in its deliberations concerning the merger agreement and the Compass share issuance, including:

• the risk that Anywhere’s performance may not meet Compass’ expectations;

• the risk that, because the exchange ratio under the merger agreement would not be adjusted for changes in the market price of Compass Class A common stock or Anywhere common stock, the value of the shares of Compass Class A common stock to be issued to holders of shares of Anywhere common stock upon the consummation of the merger could be significantly more than the value of such shares immediately prior to the announcement of the merger;

• the possibility that the anticipated benefits of the transaction, including anticipated cost synergies, will not be realized when expected or at all, including as a result of the impact of, or difficulties arising from, the integration of the two companies or as a result of economic conditions, changes in laws or regulations, general market conditions and competitive factors in the markets in which Compass or Anywhere conduct their respective businesses;

• the possibility that the merger might not be consummated in a timely manner or at all due to a failure of meeting certain conditions, including with respect to the required regulatory approvals;

• the fees and expenses associated with completing the merger and the other transactions contemplated by the merger agreement;

• the possible diversion of management attention for an extended period of time during the pendency of the merger and, following the closing, the integration of the two companies;

• the risk that whether or not the mergers are completed, the announcement and pendency of the merger could cause disruptions in the respective businesses of Compass and Anywhere, including the risk of losing key Compass or Anywhere employees, the risk of retaining of Compass or Anywhere agents, franchisees, affiliates or other business partners, and the reaction of each company’s employees, agents, franchisees, affiliates or other business partners to the merger during the pendency of the merger and following completion of the merger;

• the risk that the $200,000,000 termination fee to which Compass may be entitled, subject to the terms and conditions of the