Magazine article Mortgage Banking

Archstone-Smith to Be Acquired by Tishman Speyer-Lehman Partnership

Magazine article Mortgage Banking

Archstone-Smith to Be Acquired by Tishman Speyer-Lehman Partnership

Article excerpt

Englewood, Colorado-based REIT Archstone-Smith announced in May that it agreed to be acquired by a partnership sponsored by Tishman Speyer and Lehman Brothers Holdings Inc., both based in New York.

The exact terms of the transaction were not disclosed, but the companies valued the deal at approximately $22.2 billion, including the assumption and refinancing of Archstone-Smith's outstanding debt and excluding transaction costs.

Under the terms of the merger agreement, the Tishman-Lehman partnership will acquire all outstanding common shares of beneficial interest in Archstone-Smith for $60.75 per share in cash. The purchase price per share represents a 22.7 percent premium over the share price on May 24, 2007, immediately prior to published reports regarding a potential acquisition, the companies said.

"Archstone-Smith has created a fantastic portfolio of apartment communities, and has developed an industry-leading platform that includes more than 2,500 talented associates who are vital to our success," said R. Scot Sellers, chairman and chief executive officer of Archstone-Smith. "We have always been committed to maximizing value for our shareholders, and we believe this merger accomplishes that objective, offering a significant premium over the unaffected share price. …

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