Treefeller, the offer relates to the land KPT owns which has a book value based on an external valuation of $59m. The opportunistic offer from a single company shouldn't be taken as representative of market value.
Assuming farming is the highest and best use for the land, the valuations should have included a capital allowance for remediation.. Also the valuation would have been based on sales of 'xx' land types both on and off KI (assuming limited transactions on KI). If we assume that the current offer is market it would imply that recent transactions have been conducted at well over market.
Without having seen the valuations its hard to speak specifically and as such the above is based on my understanding of real estate valuation.
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