ACC - American Campus Communities holder Land & Buildings withdraws board nominees (update)

Update 4:23pm: Adds analyst comment.  Activist investor Land & Buildings withdrew its four nominees for the board of American Campus Communities Inc. (NYSE:ACC). ACC rose almost 1%. Land & Buildings said that it plans to be a long-term holder of ACC and will continue to engage with the board as necessary , according to an 8-K filing. The disclosure comes as activist Jonathan Litt's Land & Buildings has been agitating for changes at the REIT that owns student housing for more than a year and last January won three seats on the board of the company. In February Land & Buildings nominated four directors for the company's board. "Based upon the feedback we're hearing from the market, we have renewed faith that the company is addressing the most important topics we have raised; namely, improving operations, enhancing capital allocations and being open to maximizing value through a sale if the right opportunity

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American Campus Communities holder Land & Buildings withdraws board nominees (update)