Tuesday, May 29, 2007
Archstone-Smith today announced that it agreed to be acquired by Tishman Speyer and Lehman Brothers, in a transaction valued at approximately $22.2 billion. The group will pay $60.75 per share in cash. Showing yet agin the depths of our capital markets, the transaction is not conditioned on receipt of financing. The CEO of Archstone, R. Scot Sellers, has agreed to stay with the newly-private company and agreed to terms of a new employment agremeent effective upon the completion of the acquisition.
I'll have more once the merger agreement and the terms of the CEO Sellers' new employment agreement are made public.