NEW YORK (AP) -- THE DEAL: Bank of America Corp. and Barclays Bank PLC are selling their 26.5 percent stake in the apartment building owner Archstone to Lehman Brothers Holdings Inc.'s bankruptcy estate for $1.58 billion. This gives Lehman's estate full ownership of Archstone.
THE BLOCK: Lehman's offer blocks plans by Equity Residential, whose chairman is Sam Zell, to buy the Archstone stake. Equity will be paid an $80 million breakup fee from Bank of America and Barclays and a $70 million termination fee from Lehman.
THE CLOSING: The Lehman bankruptcy estate's transaction for the rest of Archstone is expected to close in the second quarter.
- Barclays Bank PLC
- Bank of America