(Read more on the multifamily market.)
DENVER-Archstone-Smith Trust shareholders will vote next monthon the $22-billion-plus merger agreement the company signed in May.If approved, the company will be taken private later this year byaffiliates of Tishman Speyer Real Estate Venture VII LP and LehmanBrothers Holdings Inc.
The agreement calls for the buyers to pay $60.75 for eachoutstanding common share, which totals just under 223 million,assume approximately $6.3 billion in existing debt, and pay offSeries I preferred shareholders and unitholders of the operatingpartnership. Archstone-Smith said Tuesday morning that theshareholder vote on the merger will take place at noon on Tuesday,Aug. 21, at the Hyatt Regency Denver Tech Center. Only shareholdersof record as of July 12, 2007 will be eligible to vote.
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