Anywhere Real Estate (HOUS) Soars to 3-Year High on $10-Billion Merger Approval

We recently published 10 Stocks With Massive Gains; 5 at Record Highs. Anywhere Real Estate Inc. (NYSE:HOUS) was one of the top performers on Wednesday.

Anywhere Real Estate climbed to a new three-year high on Wednesday, as investors took heart from the developments on its $10-billion planned merger with Compass Inc., paving the way for the looming completion of the deal.

At intra-day trading, Anywhere Real Estate Inc. (NYSE:HOUS) jumped to its highest price of $18.03 before trimming gains to finish the day just up by 17.85 percent at $17.03 apiece.

Photo by Kindel Media on Pexels

This followed announcements on the same day that the two companies secured an overwhelming approval from their shareholders for their proposed all-stock merger.

In a joint statement, Anywhere Real Estate Inc. (NYSE:HOUS) and Compass Inc. said that 72.4 percent and 99 percent, respectively, of the cast votes during their special shareholders’ meetings have voted in favor of their planned merger.

The deal is targeted for completion on Friday, January 9.

In line with the approval, Compass Inc. would raise $750 million in fresh funds from the issuance of convertible senior notes due 2031, with the potential to increase to $862.5 million upon the subscription of overallotment option totaling $112.5 million.

Proceeds from the offer will be used to fund general corporate purposes, including merger costs, as well as repay Anywhere Real Estate Inc.’s (NYSE:HOUS) existing debt.

While we acknowledge the risk and potential of HOUS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HOUS and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.