American Campus issues update on proxy contest with Land & Buildings | ACC Message Board Posts


American Campus Communities Inc.

  ACC website

ACC   /  Message Board  /  Read Message

 

 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board
Msg  30 of 32  at  2/22/2022 11:47:41 AM  by

jerrykrause


American Campus issues update on proxy contest with Land & Buildings

 from SNL Real Estate Daily
 
 

American Campus issues update on proxy contest with Land & Buildings

 
 
Byline: Pam Rosacia
 
 

American Campus Communities Inc. received a letter from Land & Buildings Investment Management LLC "indicating its willingness to offer to acquire" the company for $57.00 per share.

The student housing real estate investment trust said that offer is lower than American Campus' recent record high of $57.29 apiece, calling it a "faux bid." It said Land & Buildings is "not a credible potential buyer," citing the activist shareholder's inability to fund or consummate a transaction and its recent actions.

American Campus said the hedge fund manager nominated its own employee Corey Lorinsky for election to the REIT's board in December 2021. Following a review, the board determined that Lorinsky would not be an additive member.

The hedge fund manager in January again issued a letter to American Campus demanding that Land & Buildings founder and Chief Investment Officer Jonathan Litt or Lorinsky be added to the REIT's board.

While American Campus and its advisers will continue to engage with Land & Buildings, the company said it is "preparing for the costly and distracting proxy contest" started by the activist shareholder.

BofA Securities and Dentons US LLP are, respectively, the REIT's financial adviser and legal counsel.

 


     e-mail to a friend      printer-friendly     add to library      
|  
Recs: 0  
   Views: 0 []
Previous Message  Next Message    Post Message    Post a Reply return to message boardtop of board




Financial Market Data provided by
.
Loading...