American Campus Communities’ Stockholders Approve Acquisition by Blackstone Funds
August 04 2022 - 11:27AM
Business Wire
American Campus Communities, Inc. (NYSE:ACC), the largest
owner, manager and developer of high-quality student housing
properties in the U.S., today announced that, at the concluded
special meeting of stockholders held today, its stockholders
approved the acquisition of the company by Blackstone Core+
perpetual capital vehicles, primarily comprised of Blackstone Real
Estate Income Trust, Inc., alongside Blackstone Property Partners
L.P.
The company will provide final vote results for the special
meeting, as certified by the independent Inspector of Election, on
a Current Report on Form 8-K to be filed with the U.S. Securities
and Exchange Commission.
The transaction is expected to close on or about August 9, 2022,
subject to the satisfaction or waiver of customary closing
conditions. Under the terms of the merger agreement announced on
April 19, 2022, among other things, each share of the company’s
common stock issued and outstanding at the effective time of the
merger will be automatically cancelled and converted into the right
to receive, in accordance with the terms of the merger agreement,
an amount in cash equal to $65.47 per share, without interest. Upon
closing of the transaction, ACC common stock will no longer be
listed on any public market.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager
and developer of high-quality student housing communities in the
United States. The company is a fully integrated, self-managed and
self-administered equity real estate investment trust (REIT) with
expertise in the design, finance, development, construction
management and operational management of student housing
properties. As of June 30, 2022, American Campus Communities owned
166 student housing properties containing approximately 111,900
beds. Including its owned and third-party managed properties, ACC's
total managed portfolio consisted of 204 properties with
approximately 143,100 beds. Visit www.americancampus.com.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements under the applicable federal
securities law. These statements are based on management’s current
expectations and assumptions regarding markets in which American
Campus Communities, Inc. (the “Company”) operates, operational
strategies, anticipated events and trends, the economy, and other
future conditions. Forward-looking statements are not guarantees of
future performance and involve certain risks and uncertainties,
which are difficult to predict. These risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied in the forward looking-statements include but
are not limited to: the ability to complete the proposed
transaction on the proposed terms or on the anticipated timeline,
or at all, including risks and uncertainties related to the
satisfaction of closing conditions to consummate the proposed
transaction; the occurrence of any event, change or other
circumstance that could give rise to the termination of the merger
agreement relating to the proposed transaction; risks that the
proposed transaction disrupts the Company’s current plans and
operations or diverts the attention of the Company’s management or
employees from ongoing business operations; the risk of potential
difficulties with the Company’s ability to retain and hire key
personnel and maintain relationships with suppliers and other third
parties as a result of the proposed transaction; the failure to
realize the expected benefits of the proposed transaction; the
proposed transaction may involve unexpected costs and/or unknown or
inestimable liabilities; the risk that the Company’s business may
suffer as a result of uncertainty surrounding the proposed
transaction; the risk that shareholder litigation in connection
with the proposed transaction may affect the timing or occurrence
of the proposed transaction or result in significant costs of
defense, indemnification and liability; effects relating to the
announcement of the transaction or any further announcements or the
consummation of the transaction on the market price of the
Company’s common stock and those discussed in our filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2021 under the heading
“Risk Factors” and under the heading “Business - Forward-looking
Statements” and in the other period reports the Company files with
the SEC. We undertake no obligation to publicly update any
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803006065/en/
AT THE COMPANY: Ryan Dennison
Investor Relations (512) 732-1000
American Campus Communit... (NYSE:ACC)
Historical Stock Chart
From Apr 2024 to May 2024
American Campus Communit... (NYSE:ACC)
Historical Stock Chart
From May 2023 to May 2024