MADISON, N.J., Aug. 14, 2014 /PRNewswire/ -- Realogy Holdings
Corp. (NYSE: RLGY) ("Realogy") announced today the completion
of the tender offer by Realogy, through its indirect wholly-owned
subsidiary, Honeycomb Acquisition, Inc., for all of the outstanding
shares of common stock of ZipRealty, Inc. (NASDAQ: ZIPR)
("ZipRealty") at a purchase price of $6.75 per share, net to the seller in cash,
without interest and less any applicable withholding taxes. The
tender offer expired at 5:00 p.m.,
New York City time, on
August 13, 2014. As of the
expiration of the tender offer, 17,576,436 shares of common stock
of ZipRealty were validly tendered and not withdrawn (including
821,068 shares tendered by notice of guaranteed delivery).
All of such shares have been accepted for payment in
accordance with the terms of the tender offer. As a result of the
tender offer, Realogy now beneficially owns, together with its
subsidiaries, approximately 80.2% of the outstanding shares of
ZipRealty.
Following the completion of the tender offer, Realogy exercised
its "top-up" option, granted under the merger agreement with
ZipRealty pursuant to which the tender offer was made, to purchase
additional shares from ZipRealty, which will allow Realogy to
complete and close the merger with, and acquisition of, ZipRealty
today without stockholder approval. Upon completion of the merger,
ZipRealty will become an indirect wholly-owned subsidiary of
Realogy. All outstanding shares of common stock of ZipRealty, other
than shares held by Realogy, its subsidiaries, ZipRealty or
ZipRealty's stockholders who are entitled to and properly exercise
appraisal rights under Delaware
law, will be canceled and converted into the right to receive cash
equal to the $6.75 offer price per
share, without interest thereon and less any applicable withholding
taxes. In addition, upon completion of the merger today, the common
stock of ZipRealty will cease to be traded on the NASDAQ Global
Market.
About Realogy Holdings Corp.
Realogy Holdings Corp.
(NYSE: RLGY) is a global leader in residential real estate
franchising with company-owned real estate brokerage operations
doing business under its franchise systems as well as relocation
and title services. Realogy's brands and business units
include Better Homes and Gardens® Real Estate, CENTURY 21®,
Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®,
ERA®, Sotheby's International Realty®, ZipRealty®, NRT LLC, Cartus
and Title Resource Group. Collectively, Realogy's franchise
system members operate approximately 13,500 offices with 251,000
independent sales associates doing business in 104 countries around
the world. Realogy is headquartered in Madison, N.J.
Media Contact:
Mark
Panus
(973) 407-7215
mark.panus@realogy.com
Investor Contacts:
Alicia Swift
(973) 407-4669
alicia.swift@realogy.com
Jennifer Pepper
(973) 407-7487
jennifer.pepper@realogy.com
Logo -
http://photos.prnewswire.com/prnh/20140110/NY44427LOGO
SOURCE Realogy Holdings Corp.
