Realogy announces March merger vote

Realogy announces March merger vote Cendant Corp. real estate spin-off Realogy Corp. today announced a special meeting of stockholders at 10 a.m. EST on March 30 in Parsippany, N.J., to consider whether to adopt an agreement that provides for the acquisition of Realogy by an affiliate of Apollo Management L.P., a private equity group. Stockholders of record as of Feb. 20 will be entitled to vote at the special meeting, according to the announcement, and a definitive proxy statement is expected to be mailed to Realogy's stockholders on or before Friday, Feb. 23. The merger is expected to be completed in April 2007 if the merger agreement is approved, the company announced. Rumors of a possible sale of Realogy had been swirling even before the proposed $9 billion acquisition was announced in mid-December. Under the proposed acquisition, Henry Silverman is expected to stay aboard as chairman and CEO until the close of his current employment agreement on Dec. 31, "at which time it is expected that he will be succeeded as CEO by (Richard) Smith," according to the December announcement. The proposed agreement provided that Realogy can seek alternative acquisition proposals from other parties until Feb. 14 and the company "intends to consider any such proposals through its special committee and with the assistance of tis independent advisors," the company had announced. –Glenn Roberts Jr., Inman News