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So BPY closed at $10.97 today ($11.05 after hours) which is down about 25c from Jim's post July 2 . I am wondering what I am missing.

Without the $12 tender offer I assume the 12% dividend yield is high because people consider the $1.33 dividend is at risk. With the tender offer it seems to me that BPY Management is implying the dividend is not at risk. If the dividend is going to be cut, the stock will drop and the tender could be made later at a lower price after the cut. Or is there another part to the story?

Thinking about purchasing more BPY and offering to the tender but it seems too easy. The dividend should be announced in the next few weeks and the tender offer closes the end of August.

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