(Read more on the multifamily market.)
DENVER-Locally based Archstone-Smith Trust signed away itspublic existence Tuesday morning, agreeing to be taken private for$22.2 billion by a partnership of Tishman Speyer and LehmanBrothers. The New York City-based duo agreed to pay $60.75 pershare in cash--a 22.7% premium over Friday's share price prior toinitialreports--and assume $6.3 billion of existing debt.
Assuming shareholders affirm the unanimous approval byArchstone's board of directors, the transaction likely will closein the third quarter of this year. Archstone-Smith chairman/CEO R.Scot Sellers has agreed to terms of employment that will keep himin charge of the company. In afternoon trading Tuesday, shares ofArchstone-Smith were trading at $60.79, up more than 10% on theday.
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