from SNL Real Estate Daily
Land & Buildings withdraws American Campus board nomination
Byline: Zeeshan Murtaza
Land & Buildings Investment Management LLC withdrew its nomination of an individual for election to American Campus Communities Inc.'s board.
In its latest communication with American Campus, the hedge fund manager said market feedback helped renew its faith in the student housing real estate investment trust's efforts to address its main concerns, including being open to a sale if the right opportunity emerges, adding that it plans to remain a long-term shareholder of the company.
The two parties had been in an extended proxy contest that involved the hedge fund manager's plans to secure a board seat for its nominee and its purported offer to acquire the REIT for $57.00 per share. American Campus had previously called the offer a "faux bid."