DENVER-Archstone-Smith extended a deadline for the close of its $22-billion buy-out by Tishman Speyer Real Estate and Lehman Brothers. It now expects the merger to close by Oct. 4, instead of by Aug. 31. Archstone-Smith also waived a condition calling for unitholders to release Archstone-Smith and its buyers from previously existing tax protection agreements.

The amendment doesn’t alter the price; the agreement calls for the buyers to pay $60.75 for each outstanding common share, to assume approximately $6.3 billion in existing debt, and to pay off Series I preferred shareholders and unitholders of the operating partnership. When the deal was announced in May, the offer represented a 22.7% premium over Archstone-Smith’s share price. Bank of America is providing some or all of the debt financing associated with the transaction.

Archstone-Smith, an S&P 500 company, owned all or part of 86,014 units in 344 properties as of the end of March and had 3,500 employees. The company’s portfolio is concentrated in the Washington, DC metropolitan area, Southern California, the San Francisco Bay Area, the New York metropolitan area, Seattle and Boston.

Tishman Speyer’s multifamily portfolio totals approximately 11,500 units, located primarily in New York City. Almost all of it was acquired in October, when with Blackrock Inc. it paid $5.4 billion for the Stuyvesant Town and Peter Cooper Village properties from MetLife, Inc, as previously reported.

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