Fairness
If I remember correctly this is at least the second time BPY tried to do this. The last time the offer was so underpriced that when RBC did a valuation the results were so embarrassingly higher than the BPY offer, BPY folded their tent and walked away.
But don't expect fairness. These parent companies all do the same thing and try to get the best deal they can and fairness has little to do with it, unfortunately. They justify it by saying they are only trying to do the best for their shareholders, which is hard to argue with. Fairfax Financial did the exact same thing back several years ago when they took over SFK/FBK. The lesson from this is watchout investing in a company where a large percentage of shares are owned by a larger entity like Berkshire, Fairfax, Brookfield, etc.
Having said that and as a long time shareholder, I think I will probably stick around and see this to the end as I really don’t want the capital gain this tax year and the dividends are attractive.
Since most shareholders of BOX are institutional we really have little say, but it will be interesting to see how the big guys react to this offer.
What we really need here is for another company to come in and make a last minute offer, but I can't see that happening.