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Wednesday, April 7, 2010 as of 11:14 AM ET

Sam Zell

Sam Zell

Samuel "Sam" Zell (born September 28, 1941) is an American businessman. He is Chairman of Equity Group Investments, L.L.C.

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Lehman Confirms It Will Buy The Rest Of Archstone For $1.58 Billion

Lehman Brothers Holdings Inc.

confirmed its will buy the 26.5% stake in Archstone it doesn't already own for $1.58 billion, ending a high-stakes battle over the control of the apartment giant.The Wall Street Journal late Thursday reported the failed investment bank, which emerged from bankruptcy under a liquidation plan earlier this year, planned to buy the stake from Bank of America Corp. (BAC) and Barclays PLC (BCS), which together partnered with Lehman to buy Archstone in a 2007 leveraged buyout valued at $22 billion.Archstone owns more than 70,000 apartment buildings in the U.S. and Germany. Lehman initially owned a 47% stake in the company and the banks owned the rest.Late last fall, Equity Residential (EQR), chaired by Chicago real-estate investor Sam Zell, made a bid to buy half of the two banks' 53% stake in Archstone for $1.33 billion. But Lehman didn't want to share control of Archstone, setting off a complex battle for the past six months between Lehman and Zell.To block Zel...

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