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News Breaks | | | | November 26, 2012 | | 18:09 EDT |  | EQR, AVB | Lehman 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. | |
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News For EQR;AVB From The Last 14 Days Check below for free stories on EQR;AVB the last two weeks. |
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| June 18, 2013 | | 08:38 EDT |  | EQR | Equity Residential weakness creates buying opportunity, says Argus
Argus expects Equity Residential to benefit from an ongoing up-cycle for the apartment segment and its acquisition of Archstone properties. The firm reiterates a $68 price target on the stock. | | | June 13, 2013 | | 10:05 EDT |  | AVB | On The Fly: Analyst Upgrade Summary
 Subscribe for More Information | | | 09:12 EDT | | AVB | AvalonBay upgraded to Hold from Underweight at KeyBanc
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