ACC - Blackstone said to agree to buy American Campus Communities in $13B deal (update)

Update 8:10am: Adds deal confirmation from ACC. Blackstone (NYSE:BX) agreed to buy student-housing owner American Campus Communities (NYSE:ACC) for about $12.8 billion, including debt. ACC jumped 13% in premarket trading. Blackstone agreed to pay $65.47/share for ACC, a 14% premium to Monday's close, according to a statement. As a condition to the transaction, ACC agreed to suspend payment of its quarterly dividend, effective immediately. The deal is expected to close in Q3.  The news comes after activist investor Land & Buildings last week withdrew its nominee for the board of American Campus Communities (ACC). The disclosure came as activist Jonathan Litt's Land & Buildings has been agitating for changes at the REIT that owns student housing for more than a year. "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

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Blackstone said to agree to buy American Campus Communities in $13B deal (update)