NRT Incorporated, a subsidiary of Cendant
Corporation (NYSE: CD), and The DeWolfe Companies, Inc. (AMEX: DWL) today
announced that they have signed a definitive agreement for NRT to acquire
all of the outstanding common stock of DeWolfe at a price of $19.00 per
share, or approximately $149 million in cash. Under the acquisition
agreement, a subsidiary of NRT will commence a tender offer within five
business days for any and all shares of DeWolfe's common stock. Consummation
of the transaction remains subject to customary closing conditions and is
expected to be completed in September of 2002. The transaction has received
clearance under U.S. anti-trust regulations.
Following the closing of the tender offer, NRT, the nation's leading
residential real estate brokerage company, will merge DeWolfe with one of
its wholly owned subsidiaries. DeWolfe's operations will join together with
NRT-owned Coldwell Banker Hunneman to create a combined organization that
will operate as Coldwell Banker Residential Brokerage, the largest real
estate and home services organization in New England.
"NRT and The DeWolfe Companies share the same high level of dedication and
commitment to delivering full-service real estate in the form of a true
one-stop shopping experience for our clients," said Bob Becker, president
and chief executive officer of NRT. "We are proud to welcome Dick DeWolfe
and his talented team of real estate professionals to the NRT family of
companies."
Mr. DeWolfe, chairman and chief executive officer of The DeWolfe Companies,
stated: "The opportunity to merge our very successful regional company with
the world's leading real estate organization will provide the very best
services and resources to our customers, sales associates and staff members
while creating value for our shareholders."
"The end result is that this union will bring together the best real estate
professionals from the most respected and trusted real estate companies in
New England," said Bill Kiley, president and chief operating officer of
Coldwell Banker Hunneman.
With more than 5,400 sales associates and employees in over 170 office
locations, the company will serve consumers throughout New England. On a
combined basis, DeWolfe and Coldwell Banker Hunneman accounted for $13.9
billion in closed sales volume and over 44,000 closed transaction sides in
2001. DeWolfe reported revenue of $214.5 million last year, placing it in an
elite level among the nation's leading real estate firms.
Published: August 12, 2002
Use of this article without permission is a violation of federal copyright laws.
