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Slide #79. Equity Residential and Avalon Bay — Archstone Enterprise LP
Equity Residential and Avalon Bay (NYSE:EQR)
Archstone Enterprise LP
Lehman Brothers Holdings Inc. announced today that it has entered into a definitive agreement to sell full ownership of Archstone Enterprise LP its single largest asset, to Equity Residential ("EQR", NYSE:EQR) and AvalonBay Communities, Inc. for cash and stock with an aggregate value of approximately $6.5 billion. 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.
Equity Residential is a real estate investment trust. Co. focuses on the acquisition, development and management of rental apartment properties. Co. is the general partner of, and owns an ownership interest in ERP Operating Limited Partnership (ERPOP). All of Co.'s property ownership, development and related business operations are conducted through ERPOP and those entities/subsidiaries owned or controlled by ERPOP (collectively, Operating Partnership). The Operating Partnership holds substantially all of the assets of Co. Co., directly or indirectly through investments in title holding entities, owns all or a portion of its properties located in several states and the District of Columbia.
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Hold (2.00 out of 4)
(ranked lower than approx. 96% of all stocks covered)
Based on Zacks ABR data;
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