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Apartment Investment & Management (NYSE:AIV) rose 1.2% amid speculation it has attracted takeover interest.
Westdale Real Estate Investment and Management is speculated to be participating in a sales process for Aimco (AIV), according to a Betaville item on Friday, which cited people following the matter.
Aimco (AIV) reportedly hired bankers from Morgan Stanley earlier this year to conduct a strategic review following pressure from activist investor Land & Buildings.
Blackstone (BX) was looking at Aimco (AIV) but decided not to pursue it due to valuation concerns, Betaville said.
Land & Building’s Jonathan Litt has been pushing for Aimco (AIV) to sell itself since at least August 2022. Aimco is not new to Litt. In 2020 he opposed Aimco’s plan to split into two public traded companies.
Aimco (AIV) short interest is 7.3%.