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Equity Sits as Lehman Gathers Capital for Archstone

CHICAGO-Instead of responding to an accusatory Lehman Bros. SEC filing, locally-based Equity Residential just posts a Q4 dividend and preliminary note sale prospectus.

By Robert Carr | Updated on December 08, 2011

CHICAGO-Equity Residential hasn’t yet fired back from a Lehman Bros. attack as part of a battle between the two for a larger stake in Denver-based Archstone; instead the trust Wednesday just filed a preliminary prospectus with the SEC and declared its quarterly dividend. The 56 cent per share fourth quarter dividend was pretty standard, and the prospectus, a preliminary share sale document, is likely unrelated.

Equity announced late last week that it has entered into a contract with Bank of America and Barclays Bank to acquire half of their 53% interest in Archstone, about 26.5%, for $1.3 billion. However, Lehman, fresh from its approved chapter 11 bankruptcy with its 47% ownership of Archstone intact, appears to be trying to invoke its right of first refusal on the Equity deal.

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