Aimco confirms receipt of 'grossly inadequate' indication of takeover interest

Apartment Investment and Management Company, or "Aimco," confirmed that it received a "conditional non-binding indication of interest" to purchase Aimco. Aimco announced that its board of directors unanimously determined the proposal is "grossly inadequate and not in the best interest of Aimco and its stockholders," and that Aimco will proceed with the previously announced separation of Aimco and Apartment Income REIT Corp., or "AIR". Aimco further stated that it does not intend to make any additional comments on this matter unless and until it deems further disclosure is required. As previously announced, the expected separation of AIR from Aimco 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 on December 15, 2020. Aimco noted that its stockholders prior to the REIT Distribution will own both Aimco and AIR after the REIT Distribution, that the REIT Distribution is expected to unlock significant shareholder value, and that each of Aimco and AIR will be able to pursue additional opportunities after the REIT Distribution to further increase shareholder value.