B
enzinga and Yahoo Finance LLC may earn commission or revenue through links below. Douglas Elliman Inc. (NYSE:DOUG) saw its stock price surge to nearly double its market value on May 27 after rival Anywhere Real Estate (NYSE:HOUS) made a takeover offer, according to Bloomberg. The proposed merger would value the company at over $4 per share, but Bloomberg reported that Douglas Elliman was unlikely to accept due to the sale of its property management business as part of the deal.

    The acquisition would give Anywhere a significant presence in key markets like New York and Miami. Despite brand recognition and involvement in high-profile deals, Douglas Elliman's valuation has plummeted from $900 million in December 2021 to $190 million, following lawsuits against former agents Tal and Oren Alexander. The brothers left the firm in 2022 after being charged with sex trafficking by federal prosecutors.

    Former CEO Howard Lorber retired last year after disclosing intimate relationships with two brokers. Current CEO Michael S. Liebowitz has focused on austerity measures and growing the development marketing business, resulting in a 26.5% year-over-year revenue increase to $253 million in the first quarter.