Equity Residential’s (EQR +0.8%) purchase of a stake in competitor Archstone has been blocked by...

|About: Equity Residential (EQR)|By:, SA News Editor

Equity Residential’s (EQR +0.8%) purchase of a stake in competitor Archstone has been blocked by Lehman Brothers' (LEHMQ.PK) estate as it exercises an option to match EQR's $1.33B bid, according to an SEC filing. Sam Zell's firm has an option to buy another 26.5% stake for at least the same price; it has 30 days to make a deal, when Lehman again would have the right to match that offer.