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US: ISS recommends stockholders vote for American Campus Communities acquisition

American Campus Communities

Austin, Texas-based American Campus Communities, which owns, manages and develops of high-quality US student housing properties has announced that independent proxy advisory firm, Institutional Shareholder Services (ISS), has recommended that stockholders vote for the previously announced all-cash acquisition of the company by Blackstone Core+ perpetual capital vehicles, primarily comprised of Blackstone Real Estate Income Trust, alongside Blackstone Property Partners LP, at the company’s special meeting of stockholders on 4 August.

American Campus Communities and Blackstone have entered into a definitive merger agreement whereby Blackstone acquires the outstanding shares of common stock of the company for $65.47 a share.

The proposed acquisition is expected to be completed on or about 9 August.

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