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Archstone-Smith announced late May that it has signed a definitive merger agreement to be acquired by a partnership sponsored by Tishman Speyer and Lehman Brothers (TSLB) in a transaction valued at approximately $22.2 billion, including the assumption and refinancing of Archstone-Smith's outstanding debt and excluding transaction costs.
Under the terms of the merger agreement, TSLB will acquire all outstanding common shares of beneficial interest in Archstone-Smith for $60.75 per share in cash.