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ouglas Elliman's stock price surged over 35% in a single day after news broke that Anywhere had floated a takeover bid at roughly double the residential brokerage's stock price. The shares jumped to $2.90, maintaining those gains to open trading after the Memorial Day holiday at an even $3. If the deal is confirmed, investors would still be getting in at a discount to Anywhere's rumored offer of $4 per share.

    The company has been on an uphill trajectory since years of mounting losses and debt came to a head last year. Elliman recorded a $6 million net loss in the first quarter this year, down from nearly $42 million during the same time last year. The firm also reported $137 million in cash, with a $50 million convertible bond taken out from private equity investor Kennedy Lewis.

    The stock jump pushes Elliman's valuation up to $257 million, compared to Anywhere's market capitalization of $373 million. This is a significant increase from Elliman's market cap of under $150 million as of October, and a fraction of the $900 million it counted three years earlier. The company has faced challenges in recent years, including allegations of sexual assault and rape against former star brokers Tal and Oren Alexander.

    Anywhere's stock closed almost 4% higher on Friday following the news, and opened another 2.7% higher on Tuesday.