Equity Residential (NYSE:EQR) today announced that in order
to defend its interests before the court, the company has today
filed a motion to intervene as a party in interest in the legal
proceedings between Lehman Brothers Holdings Inc. and Bank of
America and Barclays Bank PLC regarding the sale to Equity
Residential of an interest in the entities that control Archstone,
a privately-held owner, operator and developer of multifamily
apartment properties. On December 2, 2011, Equity Residential
announced that it had entered into a contract to acquire, for
$1.325 billion, an approximate 26.5% ownership interest in
Archstone currently owned by affiliates of Bank of America and
Barclays Bank PLC. Closing of the acquisition is contingent on
Lehman Brothers Holdings Inc. not exercising its right of first
offer to acquire this interest from Bank of America and Barclays
Bank PLC at the same price as agreed to by Equity Residential, as
well as certain other closing conditions. On December 15, 2011,
Lehman Brothers Holdings Inc. sued Bank of America and Barclays
Bank PLC asking for, among other things, a preliminary injunction
preventing the sale of the Archstone interest to Equity
Residential. As Equity Residential was not named as a defendant in
this suit, the company must file this motion to intervene in order
to have status in this case and defend its interests. Equity
Residential is asserting no claims against or seeking any relief
from Bank of America and Barclays Bank PLC. Equity Residential does
not believe that the companys intervention in the case will create
any delays in the ongoing proceedings. The preliminary injunction
hearing requested by Lehman Brothers Holdings Inc. is scheduled for
January 5, 2012. Equity Residential has filed this motion in
anticipation of that event. Equity Residential is an SP 500 company
focused on the acquisition, development and management of high
quality apartment properties in top U.S. growth markets. Equity
Residential owns or has investments in 421 properties located in 15
states and the District of Columbia, consisting of 119,743
apartment units. For more information on Equity Residential, please
visit our website at www.equityapartments.com.
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