This offer should be rejected.

DYOR obviously, but IMHO this offer should be rejected. Consider this commentary provided to me by another hot copper user:
From Alex Waislitz from Thorney today:-"TOP shareholders are by now very familiar with the major companies which make up TOP's listed portfolio, so I will not go into detail about each listed company in this update.However I do want to single out one company in which TOP has a comparatively small stake but where recent corporate activity appears likely to produce a highly unsatisfactory outcome for shareholders unless concerted action is taken.That company is Aveo (AOG) which is one of Australia's largest retirement village operators, with close to 10,000 units across 90 communities. In mid-August the Aveo Board entered into a scheme of arrangement to sell out to the Brookfield Property Group at a price of $2.15 per share ex-dividend, or some 40% below the company's NTA.Such a steep discount to NTA is almost unheard of in a takeover offer. If the deal succeeds it will deprive minority shareholders of significant future value to which they should be entitled.The proposed deal was announced after a lengthy strategic review which was begun when the AOG share price was $2.21. The review was specifically aimed at reducing the difference between the then share price of $2.21 and the then book value of $3.83 a share.Given the bid price of $2.15 which eventuated was even lower than the $2.21 share price at the time the strategic review was initiated, I believe the bid is highly opportunistic. It was made at the bottom of the housing price cycle and at the current price does not offer minority shareholders anywhere near the value they should be getting. This is especially so given the much improved housing price outlook and the growing importance of the retirement sector. In addition the bid does not reflect the full potential value of Aveo’s very high quality land bank of development sites, many of which already have their permits.I am quite shocked that Aveo's independent directors and the company's major shareholders are supporting the deal rather than actively working to secure a better return for all shareholders. Do the independent directors Walter McDonald, Jim Frayne, Diana Saw and Kelvin Lo not believe their own stated NTA? Do they not have confidence in their executive management team’s ability? Perhaps they are worried that the company urgently needs a cash injection, in which case I am sure they would have been better placed to test the market to see if existing or new shareholders might want to invest at a discount.Notwithstanding some negative media and what has been a challenging operating environment, I believe Aveo’s existing management team is more than capable of overcoming any short-term problems the company may have and the company can deliver substantial future upside for all shareholders. TOP's stake of only about 0.5% of AOG does not give us sufficient "weight" to mount an effective campaign against the AOG Brookfield deal, but we would urge all AOG shareholders to reject the deal when it goes to a vote in October."
ENDS