Archstone has received bids from four large names in the real estate industry but the bids are not high enough to seal a deal, a Wall Street Journal report said, citing people familiar with the matter.
Archstone is being pursued by Equity Residential (EQR.N), private-equity firm Blackstone Group (BX.N), Toronto-based Brookfield Asset Management (BAMa.TO) and apartment building owner AvalonBay Communities Inc (AVB.N), according to the report.
Late in May, Reuters reported that Archstone, was looking at options including an outright sale.
Four parties submitted offers in recent weeks, the Journal report -- which did not specify the size of the bids -- said.
The bids for Archstone, which is owned by Lehman Brothers LEHMQ.PK, Bank of America Corp (BAC.N) and Barclays Plc (BARC.L), were not final, the report said.
Equity Residential, AvalonBay, and Brookfield put in bids for the whole of Archstone, though none of the offers were all-cash, the report said. It said Blackstone had made bids only for parts of the company.
Representatives for Archstone and Equity Residential declined to comment on the Journal report. Blackstone, Brookfield and AvalonBay could not be reached immediately for a comment.
(Reporting by Saqib Iqbal Ahmed in Bangalore; editing by Carol Bishopric)