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AvalonBay (AVB) and Equity Residential (EQR) join together to buy Archstone Enterprise - a...

AvalonBay (AVB) and Equity Residential (EQR) join together to buy Archstone Enterprise - a portfolio of apartment communities - from the remnants of Lehman Brothers for $16B. AvalonBay will get about 40% of the assets and liabilities, and Equity Residential the rest. Both companies are commencing stock offerings to fund the deal. Both are down 1.5% AH. (PR)
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