News: IAP Irongate Group Updates On Non-Binding Indicative Proposal From Charter Hall, page-2

By my count, the offer, including the entitlement to the period ending March maximum dividend of 4.67 cents, the deal is currently worth $1.9467 per share. IAP shares are now trading at $1.78, implying a return of 9.4%. If the APD takeover is anything to go by, this deal will take 3 months to execute, so a nearly guaranteed 9.4% return in 2.5 months is impressive.

From memory, when the APD deal was in process, the shares usually traded at around a 2% to 3% discount to the offer price: not much in it.

What are some IAP share holders seeing as a risk to this deal?