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Stock Market & Financial Investment News

News Breaks
November 26, 2012
18:09 EDTAVB, EQRLehman to sell Archstone to Equity Residential and Avalon Bay for $6.5B
Lehman Brothers Holdings, LBHI, announced that it has entered into a definitive agreement to sell full ownership of Archstone Enterprise to Equity Residential (EQR) and AvalonBay Communities (AVB) for cash and stock with an aggregate value of approximately $6.5B. LBHI and its affiliates including Lehman Commercial Paper Inc. will receive $2.685 billion in cash as well as 34,468,085 shares of EQR common stock and 14,889,706 shares of AVB common stock which, on a combined basis and using last Friday’s closing prices, have a value of approximately $3.8 billion. As a result, LBHI and its affiliates will own 9.8% of EQR and 13.2% of AVB based on the shares of each issued as consideration. The purchasers have up to 120 days to close the transaction; the transaction is not subject to a vote of the shareholders of either EQR or AVB and does not have any financing contingencies.
News For EQR;AVB From The Last 14 Days
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August 20, 2015
10:00 EDTAVBOn The Fly: Analyst Upgrade Summary
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06:34 EDTAVBAvalonBay upgraded to Outperform from Neutral at Credit Suisse
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