Archstone-Smith shareholders to decide merger on Aug. 21

By Lisa Kerner

Charlotte, N.C., July 10 - Archstone-Smith Trust will hold a special meeting of its shareholders on Aug. 21 to approve the company's merger with and into a subsidiary of River Holding, LP, an entity jointly controlled by affiliates of Tishman Speyer Real Estate Venture VII, LP and Lehman Brothers Holdings Inc.

The record date for the meeting is July 12, according to a company news release.

Under the terms of the May 28 merger agreement, Archstone-Smith shareholders will receive $60.75 in cash, without interest, for each common share issued and outstanding.

The $22.2 billion transaction represents the largest public-to-private merger and acquisition transaction in the multifamily real estate investment trust sector, a prior release stated.

Archstone-Smith is an Englewood, Colo.-based real estate investment trust that develops and operates apartment communities in the United States.

Tishman Speyer acquires and develops real estate worldwide.

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