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Archstone-Smith gives unitholders more time to elect consideration in merger deal
By Lisa Kerner
Charlotte, N.C., Sept. 11 - Archstone-Smith Operating Trust unitholders now have until 11:59 p.m. ET on Sept. 18 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.
The original deadline for the election was Sept. 10, according to a company news release.
Archstone-Smith Operating Trust unitholders 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.
Unitholders of Archstone-Smith Trust, the sole trustee of Archstone-Smith Operating, will receive cash consideration of $60.75 per unit and cannot elect to receive the series O preferred units.
The merger, valued at about $22.2 billion including debt, is expected to close on or about Oct. 5.
It was previously reported that under the merger agreement, Archstone-Smith Operating Trust and Archstone-Smith Trust would each merge with subsidiaries of a joint venture jointly controlled by affiliates of the investor group.
Archstone-Smith Trust unitholders voted to approve the company's deal at a special meeting on Aug. 21.
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.
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