Realogy Buyout

Realogy (H)
$9.0B Buyout

Summary

Buyout of Cendant real estate services business

By Apollo Management
$30 per H share; $9.0B total
Hnews - stock chart
Realogy was spun-out of Cendant in July 2006

Announced 12.17.06

Closed 4.10.07

Advisors

Financial

Realogy: Evercore
Apollo: JPMorgan / Credit Suisse / Bear Stearns

Legal

Realogy: Skadden Arps
Apollo: Wachtell Lipton

Merger Agreement

General

EDGAR filing
Hyperlinked version
Detailed hyperlinked index follows

Article I The Merger

1.01 The Merger
1.02 Consummation of the Merger
1.03 Effects of the Merger
1.04 Certificate of Incorporation and Bylaws
1.05 Directors and Officers
1.06 Conversion of Shares
1.07 Conversion of Common Stock of Merger Sub
1.08 Withholding Taxes
1.09 Subsequent Actions

Article II Dissenting Shares; Payment for Shares;
Treatment of Equity-based Awards

2.01 Dissenting Shares
2.02 Payment for Shares
2.03 Closing of the Companys Transfer Books
2.04 Treatment of Equity-based Awards and Deferred
Compensation
2.05 Further Actions

Article III Company Reps

3.01 Organization and Qualification
3.02 Capitalization
3.03 Authority for this Agreement; Board Action
3.04 Consents and Approvals; No Violation
3.05 Reports; Financial Statements
3.06 Absence of Certain Changes
3.07 Proxy Statement; Other Filings
3.08 Brokers; Certain Expenses
3.09 Employee Matters
3.10 Employees
3.11 Litigation
3.12 Tax Matters
3.13 Compliance with Law; No Default
3.14 Environmental Matters
3.15 Intellectual Property
3.16 Real Property
3.17 Material Contracts
3.18 Insurance
3.19 Opinion
3.20 Required Vote of Company Stockholders
3.21 State Takeover Statutes; Certificate of Incorporation
3.22 Rights Agreement
3.23 Spin-off Documentation; Transition Services
Agreement
3.24 Franchisees
3.25 Offering Circulars

Article IV Parent and Merger Sub Reps

4.01 Organization and Qualification
4.02 Authority for this Agreement
4.03 Proxy Statement; Other Filings
4.04 Consents and Approvals; No Violation
4.05 Financing
4.06 Guarantee
4.07 Solvency

Article V Covenants

5.01 Conduct of Business of the Company
5.02 Solicitation
5.03 Access to Information
5.04 Stockholder Approval
5.05 Proxy Statement; Other Filings
5.06 Reasonable Best Efforts; Consents and Governmental
Approvals
5.07 Indemnification and Insurance
5.08 Employee Matters
5.09 Takeover Laws
5.10 Notification of Certain Matters
5.11 Financing
5.12 Treatment of Certain Debt
5.13 Subsequent Filings
5.14 Press Releases
5.15 Solvency Opinion
5.16 Letter of Credit

Article VI Conditions to Consummation of the Merger

6.01 Each Party
6.02 Parent and Merger Sub
6.03 Company

Article VII Termination; Amendment; Waiver

7.01 Termination
7.02 Effect of Termination
7.03 Fees and Expenses
7.04 Maximum Recovery
7.05 Amendment
7.06 Extension; Waiver; Remedies

Article VIII Miscellaneous

8.01 Representations and Warranties
8.02 Entire Agreement; Assignment
8.03 Jurisdiction; Venue
8.04 Validity
8.05 Notices
8.06 Governing Law
8.07 Descriptive Headings
8.08 Parties In Interest
8.09 Rules of Construction
8.10 Counterparts
8.11 Certain Definitions

Proxy Solicitation

Shareholder meeting scheduled for 3.30.07

Proxy statements

Definitive 2.23.07

Preliminary 1.18.07

Financing

Summaries

Proxy statement summary

Deal Protection

No shop covenant

Merger agreement §5.2
Proxy statement disclosure

Break-up fee

$215mm, plus out-of-pocket expenses
Agreement §7.3
Proxy statement disclosure
Reduced to $180mm to settle litigation

Press release 2.23.07

Regulatory Approvals

HSR Act

Merger agreement §6.1(c)
Proxy statement disclosure

Fairness Opinion

Evercore fairness opinion

Proxy statement disclosure

Tax Matters

Disclosure

Proxy statement disclosure

Schedule 13D Filings

Farallon Capital Management

Schedule 13D 3.09.07

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