Real Estate M&A » By The Online Investor Staff, updated Thu., Apr. 18, 3:33 PM
Recent mergers and acquisitions in the Real Estate M&A category.
| This Slide: #79 of 91 |
Slide #79. Equity Residential and Avalon Bay — Archstone Enterprise LP
Acquirer:
Equity Residential and Avalon Bay (NYSE:EQR)
Acquiree:
Archstone Enterprise LP
Details:
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. is focused on the acquisition, development and management of residential properties. Co. is the general partner of and owns an ownership interest in its subsidiary, 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) and it has no material assets or liabilities other than its investment in ERPOP. The Operating Partnership holds substantially all of the assets of Co., including its ownership interests in its joint ventures.
Equity Residential SEC Filing Email Alerts Service
Preferred: EQR.PRN
Open the EQR Page at The Online Investor »
|
|||||||||||||||||||||
Open the EQR Page at The Online Investor (in a new window) »
 Free EQR Email Alerts:
Get SEC Filing Alerts Get Dividend Alerts 
|
Avg. Broker Rec.
 
|
Buy (2.71 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Analysts' Target Price: EQR Stock Forecast Based on Zacks ABR data; powered by Xignite |
