I think the managers will take the deal. They get to keep...

I think the managers will take the deal. They get to keep managing - and get back in the Macquarie camp.

I think I will respect them more if they knock it back on the basis of it being under NTA. They declare profits based on NTA changes so they have (should) believe in it.

They also declined to sell the p/f when the hedge funds were pushing for it on the basis that that the office market was picking up and it was a bad time to sell. Thus it will be hard for them to say (with a straight face) - but I am sure they will - that for everyone but themselves it is great time to sell - and what a great offer it is.

We shall see. My money is on them being self-serving hypocrites, and selling s/holders short in favour of the new big guys.

First bought October 2007 at $16 per share in the new money - managed to average down to about $6 a share, but still deep in the red.