(Reuters) - Apartment Investment and Management Co (Aimco) said on Wednesday it had received a buyout offer which the board deemed “grossly inadequate” and not in the best interests of the real estate investment trust.
The company said it would continue with a previously announced separation of Aimco and Apartment Income REIT Corp.
Bloomberg earlier reported here Westdale Real Estate Investment and Management had approached Aimco with an all-cash takeover proposal, citing people familiar with the matter.
Aimco and Westdale did not immediately respond to Reuters’ request for comment.
Shares of the company, which have fallen 18% this year, were up 7.4% at $42.12 in morning trade.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Krishna Chandra Eluri
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