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| Realogy to be acquired by Apollo Management Realogy Corporation, the world's largest real estate franchisor, announced that it has entered into a definitive agreement for the company to be acquired by an affiliate of Apollo Management, L.P., a leading private equity firm, in a transaction valued at approximately $9.0 billion, including the assumption or repayment of approximately $1.6 billion of net indebtedness and legacy contingent and other liabilities of approximately $750 million. Under the terms of the agreement, Realogy stockholders would receive $30.00 per share in cash at closing, representing a premium of 18 percent over Friday's market closing price of $25.50. On the unanimous recommendation of a special committee of the Board of Directors comprised entirely of independent and disinterested directors, the Board of Directors of Realogy approved the agreement and recommended that Realogy's stockholders adopt the agreement. The agreement is subject to the affirmative vote of the holders of a majority of the outstanding shares of Realogy, antitrust and insurance approvals, and other customary closing conditions. Realogy and Apollo currently anticipate consummating the transaction in the spring of 2007. Under the terms of the agreement, Realogy may solicit alternative proposals from third parties until February 14, 2007 and intends to consider any such proposals through its special committee and with the assistance of its independent advisors. write your comments about the article :: © 2006 Construction News :: home page |