Search
 

Archstone Shareholders Set Vote for Merger

DENVER-If approved next month, the company will be taken private in a transaction valued at more than $22 billion.

By Brian K. Miller | Updated on July 10, 2007

(Read more on the multifamily market.)

DENVER-Archstone-Smith Trust shareholders will vote next month on the $22-billion-plus merger agreement the company signed in May. If approved, the company will be taken private later this year by affiliates of Tishman Speyer Real Estate Venture VII LP and Lehman Brothers Holdings Inc.

The agreement calls for the buyers to pay $60.75 for each outstanding common share, which totals just under 223 million, assume approximately $6.3 billion in existing debt, and pay off Series I preferred shareholders and unitholders of the operating partnership. Archstone-Smith said Tuesday morning that the shareholder vote on the merger will take place at noon on Tuesday, Aug. 21, at the Hyatt Regency Denver Tech Center. Only shareholders of record as of July 12, 2007 will be eligible to vote.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.