Douglas Elliman Inc. (NYSE: Doug), which currently deals with the benefits of prosecution involving two former high -level agents, has received an offer to take over a rival which would almost double its current course, according to sources familiar with the problem.
Wherever Real Estate Inc., formerly known as Realigy, made a rewarding offer Douglas Elliman Inc. (NYSE: Doug) at more than $ 4 per share, although the offer should not be accepted at this level, noted a person.
With more than 7,000 agents and 113 offices across New York and other major American markets, Douglas Elliman Inc. (NYSE: Doug) also operates several real estate service subsidiaries, including development marketing, real estate management, commercial real estate and title services.
A successful offer would give everywhere where residential brokerage would take place, especially in big cities like New York and Miami. Douglas Elliman was involved in some of the most prominent luxury transactions, including the purchase of $ 238 million for Manhattan’s penthouse by Ken Griffin in 2019.
Douglas Elliman faced major internal disorders, including criminal charges against two former brokers and the resignation of the long -standing CEO Howard Lorber. The new CEO Michael Liebowitz is now focusing on cost reduction and business marketing arm. These changes come at a difficult time for the real estate sector, which deals with high mortgage rates, the drop in sales of houses and a legal examination on agent costs. In the midst of these challenges, the company has received a buyout offer and can consider selling parts of its business. Despite the setbacks, Douglas Elliman Inc. (NYSE: Doug) remained a leading player in 2024, ranking sixth nationally with 36.4 billion dollars in sales.
After the news, Doug jumped more than 37% on Friday morning. Its YTD yields are now more than 73%.
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