As Lehman Closes $1B Archstone Buy, Next Round Looms

Law360, New York (January 23, 2012, 4:03 PM EST) -- Lehman Brothers Holdings Inc. has closed its deal to acquire a $1.325 billion stake in apartment company Archstone, according to a regulatory notice filed Monday, setting the stage for a potential power struggle with rival Equity Residential over the remaining stake in the company.

Lehman, which already owned a 47 percent stake in Archstone, exercised its right of first offer in order to buy the first stake out from under Equity, Archstone's biggest competitor. Bank of America Corp. and Barclays PLC owned 53 percent of Archstone...
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