So TGP and TOT have been busy accumulating IAP stock - to a 19%...

So TGP and TOT have been busy accumulating IAP stock - to a 19% holding in past 6 months.
Whilst there has been some discussion on HC threads about the value of IAP (original stake at $1.40 was 10% premium to share price), along with the heavy 70% weighting to office. For now, this appears to have been an OK investment, office valuations are holding up, and the IAP results in May were satisfactory (now in the money on this investment, and steady yield).

What is curious is the recent announcement from the IAP chairman, about voting DOWN the board representation of 2 x 360 Capital representatives at the next AGM. Going on to talk about conflicts of interest etc.
This parallels the response of Evans and partners (who were openly hostile to 360's attempts), and most companies which 360 has invested in (the feud Asia Pacific Data - APD grew nasty and protracted).

So, is the takeway from this that 360 Capital have a poor reputation to work with?
Or can it be attributed to a general fear of incumbent boards about a potential takeover, or disruption to their cosy nest?
Especially when faced with a more activist-style investor.

IF the strategy with IAP is to take control of the 3rd party funds management business (not sure, but I think 1Bn+ in assets) surely this could be worked into a fair outcome for both. I.e. Paying IAP for the mgmt. rights. So that IAP is left with their own 'company owned assets' and 360 ends up with management rights - I expect they are pretty keen to rebuild FUM at this point, following the unsuccessful IPO of Dealt, and lacklustre response to TCF cap raise.