Why American Campus Stock Rallied 13% at the Open Today
Shares of American Campus Communities (NYSE: ACC) rose sharply at the open on April 19, gaining as much as 13% in early trading. Precipitating the move was an announcement by the campus housing real estate investment trust (REIT) that it had agreed to be taken over.
Before the market opened today, American Campus issued a press release explaining that entities controlled by Blackstone (NYSE: BX), including Blackstone Real Estate Income Trust and Blackstone Property Partners, have agreed to buy the REIT. It is an all-cash deal that will see American Campus shareholders receive $65.47 for each share they own. The total value of the deal is roughly $12.8 billion.
Image source: Getty Images.
Source Fool.com
