Archstone-Smith Trust (ASN) Shareholders Vote in Favor of Merger with Tishman Speyer and Lehman Brothers
Archstone-Smith Trust (NYSE: ASN) announced that its common shareholders voted to approve the previously announced acquisition of Archstone-Smith by an entity jointly controlled by affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc.
Approximately 98.9% of Archstone-Smith's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 78.0% of the total number of common shares entitled to vote at the special meeting.
Under the terms of the merger agreement, affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc. will acquire all common shares of Archstone-Smith outstanding immediately prior to the effective time of the merger for a cash consideration of $60.75 per share, without interest and less applicable withholding taxes.
Approximately 98.9% of Archstone-Smith's common shares present and voting at the special meeting were voted in favor of the proposed merger, representing approximately 78.0% of the total number of common shares entitled to vote at the special meeting.
Under the terms of the merger agreement, affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc. will acquire all common shares of Archstone-Smith outstanding immediately prior to the effective time of the merger for a cash consideration of $60.75 per share, without interest and less applicable withholding taxes.
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