In the last investor presentation, IAP specified net asset value...

In the last investor presentation, IAP specified net asset value per share equal to $1.60. Such a value seems about right, if the fast growing asset management business is valued at circa 3% of AUM (reasonable).

360 Capital Group's revised offer is for $1.72, so, a 7.5% premium above NAV per share and the current trading share price. It's almost an insult for a well run company. Also, if long-term investors are bought out, they'll have deferred tax liabilities to pay, so the premium is almost non-existent in actuality.

360 Capital Group continues to make reference to the IAP share price back in October: that's entirely irrelevant, as the whole REIT market has moved upwardly appreciably since then (about 8%).

Note to 360 Capital Group: think 35 to 40% premium to NAV and you may get somewhere.

Note to IAP: TOT is trading at a 22% discount to last published NTA; they own a lot of your shares: buy them (out).