Apollogy or Reallo?
By Glenn Roberts, Jr., Thursday, March 29, 2007.
Realogy shareholders are set to vote tomorrow on a proposed buyout by an affiliate of private equity firm Apollo Management L.P. (No, there hasn't been a proposed name change for Realogy.) The deal is worth about $9 billion.
The vote will be held at 10 a.m. Eastern Time at the Hilton Parsipanny, 1 Hilton Court, Parsipanny, N.J. Stockholders of record as of the close of business on Feb. 20 are eligible to vote. The deal would take the public company private. Realogy spun away from parent company Cendant Corp. last year to become independent. Realogy's franchise and company-owned real estate brands include Coldwell Banker, Century 21, ERA and Sotheby's International Realty, among others.
Several shareholders filed lawsuits once the deal was announced, and the lawsuits have been consolidated into two separate cases -- one in Delaware and one in New Jersey. A tentative settlement agreement was announced for one of the consolidated shareholder actions, subject to court approval and other conditions.
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