Did anybody here of this? From the latest ARF (Arina REIT)...

Did anybody here of this? From the latest ARF (Arina REIT) Internalisation announcement:

On 29 September 2014, ARF received an indicative, non-binding, conditional proposal for the potential merger of ARF and the ASX-listed Folkestone Education Trust (FET) (FET Indicative Offer).
o Under the FET Indicative Offer, ARF Investors would have received 0.795 FET units for every Existing Stapled Security. Folkestone Investment Management Limited would have externally managed the merged entity with base management fees of 0.45% of gross assets (with the intention of further reductions as the vehicle grows past certain thresholds) and removal of Arena asset acquisition, disposal and performance fees.
Implementation of the FET Indicative Offer would have required a trust scheme or stapling of units, requiring the approval of ARF investors and possibly also FET investor approval.
o The FET Indicative Offer was subject to several conditions including due diligence, and final approval from FET independent directors.
• The Arena Independent Directors determined that the FET Indicative Offer did not provide ARF Investors with a compelling value proposition compared to the Arena Internalisation Proposal. Moreover, in the event that the
Arena Internalisation Proposal is approved by ARF Investors, the ARF Board will retain the ability to pursue strategic initiatives that are in the best interests of Investors.

The offer gives ARF shareholders about $1.48 per ARF share (based on FET's share price of $1.86). ARF currently has an NTAB value of $1.13 per share, so without thinking too deeply about it, I'm happy to hear the offer was rejected.

I'm holding a lot of A-REITS and recently I'm seeing a lot of acquisitions at low and even-decreasing cap. rates and IIRs, so I'm a little concerned that, when the cycle turns, some of these acquisitions will turn out expensive.