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 Corcoran and 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.
On top of its financial losses, the brokerage has also faced a stream of scandals and departures in the last year. Scrutiny mounted after dozens of rape allegations emerged last summer against brothers Tal and Oren Alexander, who spent a decade at the firm before leaving in 2022. The brothers, who rose as top producers under longtime chairman and CEO Howard Lorber, were arrested on federal sex trafficking charges in December.
The firm also saw executive exits in late 2024, beginning with Lorber’s abrupt retirement in October. The company said his stepping down was on his own accord, but the Wall Street Journal later reported he was pressured by the board over concerns with a “sexually charged” work culture.
Michael Liebowitz replaced Lorber as CEO last year and has overseen efforts to return to profitability, despite a continued lag in the housing market. In the first quarter of 2025, the firm reported net losses of $6 million, down from $42 million during the same period last year.
Anywhere, which made its name scooping up brand-name brokerages, appears to be keeping its interest in acquisitions. Earlier this month, the company appointed Steve Capezza to lead its mergers and acquisitions unit. Capezza previously held the role of president at Side.
The offer comes amid rampant industry consolidation. Compass, the country’s largest residential brokerage, last year announced a deal for Chicago-grown @properties and Christie’s International Real Estate. The roughly $444 million deal closed earlier this year.
The residential giant was reported in March to be in “advanced talks” to acquire Berkshire Hathaway HomeServices of America. HomeServices executives later denied the potential for a deal.
Rocket Companies in March announced its acquisition of Redfin for $1.25 billion. The deal is set to close later this year.
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