Douglas Elliman—the luxury brokerage struggling with fallout involving former agents and executives—has reportedly received a bid from competitor Anywhere Real Estate, which would more than double Elliman’s current stock price.
According to several media reports, Anywhere’s bid would place Douglas Elliman at a value of more than $4 a share. With the luxury brokerage’s stock closing at $2.14 on Thursday, the alleged offer would represent a significant premium for shareholders.
When reached for comment, an Anywhere spokesperson said, “Our policy is not to comment on market rumors and speculation.”
Both stocks surged after reports of the merger, with Douglas Elliman’s stock up 33%.
If successful, the acquisition would give Anywhere further dominance in key luxury markets, including New York and Miami. Anywhere owns two other luxury brands, Corcoran and Sotheby’s International Realty.
The acquisition comes after other major consolidation deals closed or were contemplated in the last few months, like Rocket’s $1.75 billion acquisition of Redfin.
It is worth noting that there have been recent speculations about other large acquisitions that ultimately proved false, with the former president and CEO of HomeServices of America, Gino Blefari, denying reports of Compass potentially acquiring the Berkshire Hathaway HomeServices franchise business, calling it “misinformation.”
The rumored deal with Douglas Elliman comes as the brokerage has battled major headlines, embroiled in controversy following several criminal charges against former star agents Tal and Oren Alexander. The brothers worked for Elliman until 2022, and although they have pleaded not guilty, they continue to face multiple civil lawsuits alleging rape and sexual assault.
Since then, the company has had multiple executive shakeups, the most recent of which involved Stephen Kotler, who led Elliman’s western operations, in early February. Chairman Howard Lorber stepped down last October, followed swiftly by President and CEO Scott Durkin.
