You're forgetting: (a) three year alliance agreement between AJD...

You're forgetting:
(a) three year alliance agreement between AJD / NXT under which NXT could effectively block AJD from acquiring third party property (NXT had a first right to lease or occupy any properties picked up by AJD), this only expired in Dec 2016
(b) there has only been one data centre property acquisition in Australia since AJD was founded to my knowledge (Intellicentre 2 sale & leaseback to Keppel); this was during the alliance period (see a above)
(c) talk is cheap - easy for 360 to talk up a good story about how they'll be acquisitive
(d) buying rubbish assets and/or overpaying is easy, anyone can do that - just because AJD hasn't completed any deals (diluting the quality of the portfolio in the process) does not indicate the Board has been doing a poor job
(e) does anyone seriously think its wise to allow a 20% securityholder with a colourful background who is motivated to grow FUM (ie has interest that could sway them away from pursuing quality acquisitions, esp given that someone else typically pays for them and grows FUM in the process) to take the RE (ie control) for nil consideration is a good idea? since when do nil premium takeovers create value???
(f) proxy adviser opinions, not just on this attempted takeover (by stealth) but also on prior deals speak volumes - not good corporate governance