Aimco Confirms It Received a Conditional Non-Binding Indication of Interest That is Grossly Inadequate & Will Proceed with th...
December 02 2020 - 10:35AM
Business Wire
Apartment Investment and Management Company (NYSE: AIV)
(“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.
(“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 (the “REIT 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.
About Aimco
Aimco is a real estate investment trust focused on the ownership
and management of quality apartment communities located throughout
the United States. Aimco is one of the nation’s largest owners and
operators of apartments with 125 communities in 17 states and the
District of Columbia. Aimco common shares are traded on the New
York Stock Exchange under the ticker symbol “AIV” and are included
in the S&P 500. For more information about Aimco, please visit
our website at www.aimco.com.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
include all statements that are not historical statements of fact
and those regarding our intent, belief, or expectations, including,
but not limited to the anticipated timing of the separation. In
addition, we may not complete the separation at all. We caution
investors not to place undue reliance on any such forward-looking
statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),”
“plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,”
“seek(s)” and similar expressions, or the negative of these terms,
are intended to identify such forward-looking statements. These
statements are based on management’s current expectations and
beliefs and are subject to a number of risks and uncertainties that
could lead to actual results differing materially from those
projected, forecasted or expected. Although we believe that the
assumptions underlying the forward-looking statements are
reasonable, we can give no assurance that our expectations will be
attained.
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version on businesswire.com: https://www.businesswire.com/news/home/20201202005714/en/
Matt Foster Director, Investor Relations (303) 793-4661
investor@aimco.com
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