Activist Investor Litt Builds New Position in Aimco, Pushes for Sale

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Activist Investor Litt Builds New Position in Aimco, Pushes for Sale - Bloomberg

Published Aug 12, 2022 01:03PM ET Updated Aug 12, 2022 01:10PM ET

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Activist Investor Litt Builds New Position in Aimco, Pushes for Sale - Bloomberg

AIV

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By Sam Boughedda

According to a report by Bloomberg Friday, activist investor Jonathan Litt has opened a new position in Apartment Investment & Management Co (Aimco) (NYSE:AIV).

Bloomberg stated its sources told them Litt met with the company's management to discuss ways they can improve shareholder value, which include exploring a sale of the real estate investment trust.

Litt's firm, Litt Land & Buildings Investment Management, holds a nearly 5% stake in Apartment Investment & Management, with Bloomberg sources adding that they expect many potential buyers for the company.

Litt also spoke with management about options to narrow its valuation gap, which include exploring a sale. However, all opportunities to improve value are being looked at. Litt's firm agrees with the company's assessment that its assets are worth at least $12 a share.

AIV shares jumped Friday, currently trading 4.3% above Thursday's close at $9.60 after initially hitting a high of $9.79 per share.

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