In a move that could ultimately give full ownership of Archstone to bankrupt Lehman Brothers Holdings Inc., a judge on Wednesday approved Lehman’s right to match a $1.33 billion offer by Equity Residential (NYSE: EQR) and its chairman Sam Zell for a 26.5% stake in the apartment company.
U.S. Bankruptcy Judge James Peck approved Lehman’s exercise of its right of first offer to acquire 26.5% of Archstone from Bank of America Corp. and Barclays Plc…