Is Douglas Elliman being merged with Sotheby’s?

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Is Douglas Elliman being merged with Sotheby’s?

Elliman stock up 40% since rumored takeover bid

Brokerage opened post-holiday weekend trading at $3 per share

Douglas Elliman Stock Spiked Following Anywhere Takeover Bid

Douglas Elliman didn’t even need a done deal to send its share price climbing.

After news that Anywhere floated a takeover bid at roughly double the residential brokerage’s stock price, shares jumped over 35 percent in a single day to close last week trading at $2.90. The stock maintained those gains to open trading after the Memorial Day holiday at an even $3.

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Douglas Elliman, which has seen its stock plummet amid weak financial performance, executive turnover and lawsuits against two of its former top brokers, has been offered an out.

Anywhere Real Estate, the parent company for brokerages like Sotheby’s International Realty, approached the embattled firm with a merger offer that would value it at more than $4 per share, people familiar with the matter told Bloomberg.

Elliman was not likely to accept the bid, a source told the outlet. Its stock closed at $2.14 on Thursday, and its market cap has fallen to nearly 80 percent from a high of $900 million when it spun out as a public company in 2021.

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