Shareholders of online real estate brokerage Redfin voted to approve the acquisition of the company by Rocket Companies that was announced back in March.
Glenn Kelman, president and CEO of Redfin, said before the vote, “It has been an honor to build Redfin, and we're grateful to our customers, employees, and stockholders, past and present, for your support.”
Shareholders of just over 128 million shares of Redfin common stock were eligible to vote, and with a number of them voting beforehand by proxy, the vote was tallied and the result was a resounding yes. The acquisition is an all-stock transaction valued $1.75 billion.
Shareholders also approved on an advisory basis compensation that may be paid or become payable to certain Redfin executive officers in connection with the merger.
The final vote tally, as stated in a filing with the U.S. Securities and Exchange Commission, was:
- Merger Proposal: 74,132,089 for, 855,453 against, 73,982 abstain
- Executive Compensation proposal: 71,419,289 for, 2,900,146 against, 742,089 abstain
“It’ll make real estate better for others, not just ourselves, which is my life’s work,” Kelman has said of the Rocket-Redfin merger. “Our goal is to guide people not just through the first step in their search, but all the way home — through the sale, the loan, and then a lifetime of accumulating equity and wealth.”
Kelman also said the merger “works on so many levels” as Rocket moves toward building an all-in-one homebuying and homeownership ecosystem.
Related Lawsuit
A class action lawsuit filed by a Redfin shareholder Jason Morano last month sought to halt the company's proposed merger with Rocket, alleging that Redfin and its board misled investors by omitting critical information from a key proxy statement.
That lawsuit requested to block this shareholder vote until Redfin issued corrected disclosures and gave investors time to review them. If the vote proceeded without that remedy, the plaintiff reserved the right to seek damages on behalf of the class, which includes all holders of Redfin common stock as of April 22, 2025.
