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Msg  42 of 52  at  12/7/2020 7:44:18 AM  by

jerrykrause


Aimco discloses takeover proposal, plan to proceed with separation

from SNL Real Estate Daily
 

Aimco discloses takeover proposal, plan to proceed with separation

 
 
Byline: SHAHZAIB RAJA
 
 

Apartment Investment & Management Co. received a conditional nonbinding indication of interest to purchase the real estate investment trust, which its board unanimously determined to be grossly inadequate and not in the best interest of Aimco and its stockholders.

The board added that the REIT will proceed with its separation of Aimco and Apartment Income REIT Corp.

Aimco does not intend to make any additional comments on the matter unless and until it deems further disclosure is required.

The expected separation through a pro rata distribution of one share of class A common stock of AIR for every one share of class A common stock of Aimco is expected to be completed prior to trading hours Dec. 15.

Westdale Real Estate Investment and Management recently approached the multifamily landlord with an unsolicited all-cash takeover offer, Bloomberg News reported, citing people familiar with the matter.

The proposal is at a premium to the REIT's market value of approximately $4.7 billion before the approach was revealed, according to the report.

A Westdale representative declined to comment on the matter, Bloomberg added.

 


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