Aimco spurns 'grossly inadequate' buyout offer

(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