Industry News

Realogy begins self-tender offer for 32 million shares

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Realogy Corp. today announced that it has commenced a modified "Dutch Auction" self-tender offer for up to 32 million shares of its common stock. Stockholders can tender some or all of their shares at a price not less than $20 per share, nor more than $23 per share, the company said in a statement. Realogy expects to fund the tender offer using a portion of the net proceeds paid to it in connection with the sale of Travelport, which was completed on Aug. 23 by Cendant, the former parent company to Realogy. The tender offer will expire at 5 p.m., Eastern time, on Sept. 26, unless extended. Realogy, a residential real estate franchisor, is the newly formed spin-off of Cendant Corp's former real estate division. The Parsippany, N.J.-based company's real estate brands include Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International. In addition to the tender offer announced today, Realogy said it may repurchase additional shares of its common stock until i...