William B. May appeared to be fending off a takeover bid by Terra Holdings at the end of last month after William B. May president Peter Marra sold his minority stake in the company to Terra, the parent company of Brown Harris Stevens. Marra defected to the rival firm. Marra, son-in-law of William B. May Jr., reportedly sold shares which amounted to 10 to 12 percent of the company to Terra.
Meanwhile, May family members holding controlling shares of the company said they planned to thwart any takeover attempt, and named 21-year veteran Roberta Benzilio interim president of the firm.
Brown Harris Stevens and William B. May executives could not be reached for comment by press time. In a statement, Terra Holdings co-chairman William Lie Zeckendorf said the deal took place in just four days.
“Our debt-free balance sheet and private ownership structure permitted us to negotiate and close this transaction in just four days,” he said. Marra will join Brown Harris Stevens as executive vice president in its residential sales division, and will head the firm’s new office at 1121 Madison Avenue.
Christian Deutsch, chief executive officer of William B. May Real Estate, said in a prepared statement that Marra “was only a minority shareholder” in the firm.
“The May family continues to own William B. May, and the company is not controlled by any other firm,” he said. “We will continue to operate independently.”
William B. May interim president Benzilio, who most recently served as executive vice president, said it was “business as usual” at the company.
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