Equity Residential Files Motion in Proceedings Regarding Archstone
Equity Residential (NYSE: EQR) today announced that in order to defend its interests before the court, the company has today filed a motion to intervene as a party in interest in the legal proceedings between Lehman Brothers Holdings Inc. and Bank of America and Barclays Bank PLC regarding the sale to Equity Residential of an interest in the entities that control Archstone, a privately-held owner, operator and developer of multifamily apartment properties.
On December 2, 2011, Equity Residential announced that it had entered into a contract to acquire, for $1.325 billion, an approximate 26.5% ownership interest in Archstone currently owned by affiliates of Bank of America and Barclays Bank PLC. Closing of the acquisition is contingent on Lehman Brothers Holdings Inc. not exercising its right of first offer to acquire this interest from Bank of America and Barclays Bank PLC at the same price as agreed to by Equity Residential, as well as certain other closing conditions.
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