Thanks for the replies. I received ANI's 'independent' target...

Thanks for the replies. I received ANI's 'independent' target statement in the mail. The clear message was to reject the offer- no surprises there. As a TIX holder I didn't really see any benefit, as stlamc pointed out, of accepting the offer other than it might make TIX more acceptable to Institutional investors- hence a possible rerating. As an ANI holder some of their points (not all) seem valid though I felt they're protecting their own positions as well. As to whether there's any real benefits to stock holders I think that remains unclear. I think that lack of clarity is a reason not to accept the offer. According to Commsec the total returns for the last year were ANI= 27.3% & TIX= 28%. Similar returns & incresed AREIT diversity were the deciding factors for me. Cheers.