Lehman Estate May Try To Match Bid For Archstone - Report
December 04 2011 - 3:44PM
Dow Jones News
DOW JONES NEWSWIRES
The bankruptcy estate of Lehman Brothers Holdings is looking to
put together a deal to match the $1.3 billion bid made by Equity
Residential (EQR) for a stake in Archstone, The Financial Times
reports on its website Sunday. Equity Residential agreed to buy the
stake from Bank of America Corp. (BAC) and Barclays PLC (BCS,
BARC.LN). According to the report, the Lehman estate thinks
Archstone's equity value is $1 billion above what the current bid
values it to be. The estate has the right of first refusal to buy
the stake, the FT said. The report also cited "people familiar with
the matter" who said if the Lehman estate exercises its right, the
banks will offer Equity Residential on option on a remaining 26.5%
stake. The estate has 10 days to match the bid, The FT said.
Newspaper website: www.FT.com
-Dow Jones Newswires; 212-416-2800
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