NEW YORK Nov 26 Lehman Brothers Holding Inc has
agreed to sell apartment owner Archstone to rivals Equity
Residential and AvlanonBay Communities Inc for
$6.5 billion in cash and stock, Lehman said on Monday.
Lehman and its affiliate, Lehman Commercial Paper Inc, will
receive $2.685 billion in cash, as well as about 34.5 million
shares of Equity Residential stock and 14.9 million shares of
AvalonBay. Based on Friday's closing price, the shares have a
value of $3.8 billion.
Lehman Brothers will own 9.8 percent of Equity Residential
and 13.2 percent of AvalonBay.
The purchasers have up to 120 days to close the transaction,
which is not subject to approval by shareholders of Equity
Residential or AvalonBay.