American Campus Shares Jump Premarket on Takeover by Blackstone
April 19 2022 - 7:38AM
Dow Jones News
By Colin Kellaher
Shares of American Campus Communities Inc. rose more than 10% in
premarket trading Tuesday after The Wall Street Journal reported
that Blackstone Inc. has agreed to buy student-housing owner.
New York private-equity firm Blackstone will pay $65.47 a share
for American Campus, a roughly 13.7% premium to Monday's closing
price of $57.58 for the Austin, Texas, company.
Including debt, the transaction is valued at about $12.8
billion, according to the report.
American Campus shares were recently changing hands at $64.15,
up 11.4%, in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 19, 2022 07:23 ET (11:23 GMT)
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