Zell's Equity Raises Archstone Bid To $1.5B

Law360, New York (February 21, 2012, 1:35 PM EST) -- Multifamily real estate developer Equity Residential has upped its bid for half of Bank of America Corp. and Barclays PLC's 53 percent stake in apartment company Archstone to nearly $1.5 billion as Lehman Brothers Holdings Inc. prepares to take control of the company, Equity said Tuesday.

The increased bid, up from about $1.3 billion, is part of a deal Equity has reached with the banks that extends its deadline for buying their stake in Archstone to April 19. The deal also entitles Equity to an $80...
To view the full article, register now.