News: Federation Centres & Novion announce merger, page-12

Makoman - I understand and appreciate your point. However my opinion is that the deal is very sub optimal. The directors should be going for a deal where they get as much benefit as possible. Why don't they speak to a couple of other big REITS out there - except try for a merger of equals with equal benefits for each side. Seems much better to do that than this deal. I feel like the senior management have been offered a good deal at the expense of shareholders and are pushing hard for it, and the directors are pushovers. However I have no inside view - so might be mistaken - so if somebody can explain to me how I would be mistaken about this I would be keen to hear. Better to say no and wait for a better offer - as this deal is to the huge benefit of NVN even if the benefits are shared equitably.

Anyway - I don't even hold - but I am often surprised at the deals that are done. Something stinks IMO.

NVN shareholders have a bit of risk that the deal is pulled at this stage too IMO.