Archstone has received offers from four large names in the real estate industry but the bids are not high enough to seal a deal, a Wall Street Journal report said, citing people familiar with the matter. Archstone is being pursued by Equity Residential (EQR.N), private-equity firm Blackstone Group (BX.N), Toronto-based Brookfield Asset Management (BAMa.TO) and apartment building owner AvalonBay Communities Inc (AVB.N), according to the report. Late in May, Reuters reported that Archstone, was looking at options including an outright sale. Four parties submitted offers in recent weeks, the Journal report -- which did not specify the size of the bids -- said. The bids for Archstone, which is owned by Lehman Brothers (LEHMQ.PK), Bank of America Corp (BAC.N) and Barclays Plc (BARC.L), were not final, the report said.
Equity Residential (EQR) is a real estate investment trust (REIT). Shares of EQR fell by 0.47% or $-0.28/share to $59.43. In the past year, the shares have traded as low as $47.01 and as high as $63.86. On average, 2723890 shares of EQR exchange hands on a given day and today's volume is recorded at 2106455.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 3.99% or $-0.52/share to $12.50. In the past year, the shares have traded as low as $9.96 and as high as $19.63. On average, 4330780 shares of BX exchange hands on a given day and today's volume is recorded at 5537580.
AvalonBay Communities, Inc. is a real estate investment trust (REIT). Shares of AVB fell by 0.77% or $-1.04/share to $133.32. In the past year, the shares have traded as low as $103.17 and as high as $139.91. On average, 1193030 shares of AVB exchange hands on a given day and today's volume is recorded at 1678943.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 3.59% or $-0.26/share to $6.99. In the past year, the shares have traded as low as $6.01 and as high as $15.31. On average, 248815008 shares of BAC exchange hands on a given day and today's volume is recorded at 283114112.
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