Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Lehman Brothers Holdings Inc. > News item |
Archstone-Smith Operating Trust shareholders have until Sept. 10 to choose merger consideration
By Lisa Kerner
Charlotte, N.C., Aug. 9 - Archstone-Smith Operating Trust shareholders have until 11:59 p.m. ET on Sept. 10 to elect their consideration under the trust's merger agreement with affiliates of Tishman Speyer Real Estate Venture VII, LP and Lehman Brothers Holdings Inc.
Under the agreement, Archstone-Smith Operating Trust and Archstone-Smith Trust, the sole trustee of Archstone-Smith Operating, would each merge with subsidiaries of a joint venture jointly controlled by affiliates of the investor group, according to a 424B3 filing with the Securities and Exchange Commission.
Archstone-Smith Operating Trust shareholders are entitled to receive and must choose, in exchange for each class A-1 common unit:
• One newly issued series O preferred unit;
• $60.75 in cash, without interest and less applicable withholding taxes; or
• A combination of the cash consideration and series O preferred units.
Archstone-Smith Trust shareholders will receive cash consideration of $60.75 per unit and cannot elect to receive the series O preferred units. Shareholders will vote on the merger on Aug. 21.
As previously reported, the transaction is said to be the largest public-to-private merger-and-acquisition transaction in the multifamily real estate investment trust sector.
Tishman Speyer acquires and develops real estate worldwide. Archstone-Smith is an Englewood, Colo.-based real estate investment trust that develops and operates apartment communities in the United States.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.