The Real Deal New York

Miller Samuel, Radar Logic merger dead

By James Kelly | March 31, 2008 11:26AM

Despite merger talks between appraiser Miller Samuel and research firm Radar Logic in 2007, the pair jointly announced in mid-March that a deal will not occur. Both parties declined to comment on the financial terms of the deal, in which Radar Logic would have acquired Miller Samuel.

Although Miller Samuel decided to cancel the merger, both firms said that the split was amicable, and that they would be open to collaboration in the future.

As early as October, Miller Samuel CEO Jonathan Miller began using the title executive vice president, director of research at Radar Logic. “From my actions, in terms of embracing taking the title, developing [Radar Logic’s] RPX monthly housing report, speaking on behalf of their firm, presenting at conferences, it appeared that we were wedded to the idea of
making this work,” Miller said. “But the process didn’t move fast enough, and as time passed, I decided that we had to move on.”

Michael Feder, president and CEO of Radar Logic, said that originally it seemed advantageous to consolidate the two companies. “But then, given the behavior of the market, it started to not make sense. What did make sense was for Miller Samuel to stay independent and do its own thing.”

Since the break-up, Miller has held an optimistic attitude toward Miller Samuel’s future as an independent company, calling the present a “watershed moment for the appraisal industry,” following Attorney General Andrew Cuomo’s crackdown on dishonest appraisers and a “general lack of understanding by lenders as to what their collateral is worth.

“I foresee firms like Miller Samuel that come from a neutral viewpoint being sought out by lenders that want to know what the properties they are lending against are actually worth,” Miller said. He said that his firm will probably do consulting for Radar Logic in the near future. “And if time passes and the companies are still speaking and all that, if a deal can be done in the future, it’s not out of the question,” he said.

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