Archstone-Smith shareholders vote 'yes' to take-over by Tishman Speyer, Lehman.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA: Archstone-Smith Trust Archstone-Smith Trust (NYSE: ASN), formed from a 2001 merger, is the third largest United States Real Estate Investment Trust and a publicly-traded member of the S&P 500. announced that its common shareholders voted to approve the previously announced acquisition of Archstone-Smith by an entity jointly controlled by affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Holdings Inc. Approximately 98.9% of Archstone-Smith's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 78% of the total number of common shares entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to vote at the special meeting. Under the terms of the merger agreement, affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc. will acquire all common shares of Archstone-Smith outstanding immediately prior to the effective time of the merger for a cash consideration of $60.75 per share, without interest and less applicable withholding taxes The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. . In addition, in connection with the merger of Archstone-Smith operating trust, holders of Archstone-Smith operating trust's Class A-1 common units will receive, for each such unit, one newly issued Series O preferred unit of Archstone-Smith operating trust or, if they so elect, a cash payment equal to $60.75, without interest and less applicable withholding taxes, for each Class A-1 common unit that they own or a combination of Series O preferred units and the cash consideration. As previously announced, the parties are not required to complete the closing of the mergers during the period beginning on August 15, 2007 and ending on October 4, 2007. Also as previously announced, the consummation of the mergers is currently expected to occur on or about October 5, 2007, but remains subject to customary closing conditions including, among other things, compliance with European antitrust regulations. The closing of the mergers is not subject to a financing condition. Neither Archstone-Smith nor any of its affiliates can give any assurance that the remaining conditions to the closing of the mergers will be met. The transaction is being financed by equity provided by Tishman Speyer with the balance of the debt and equity capital provided and arranged by Lehman Brothers Holdings, Inc., Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Strategic Ventures, Inc. and Barclays Capital Barclays Capital is the investment banking division of Barclays plc. It is a primary dealer in U.S. Treasury securities and various European Government bonds. Barclays Capital is led by CEO Robert (Bob) Diamond, an American who had been vice-chairman of Credit Suisse First . |
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