Market seems undecided as per the value of Bpy day to day soone has to decide what your objectives are with your future investment goals in regard to this proposal to take BPY private via BAM . I believe there is confusion since the proration aspect of this deals leaves uncertainity of division between Bam Shares , cash and preferreds .
In a tax free account , if one believes in a future with Bam it may be better off to sell the Bpy shares and buy Bam - participate fully with Bam - that would have been profitable if done a few days ago !! If you believe in Bpy you may participate in it by owning Bam .
By waiting it out it seems you will be subject to the proration division of Bpy shares ( i feel it is not proper for Brookfield mgt. to have this proration ) which may land one with X % of Bam shares , Y% of cash and some preferreds to top it off . A mixed bag of oddlot marbles . Does that fit into your investment horizon ?
Note for example - If one would have sold BPY on Thursday April 1st and bought Bam shares the same day , you would now ( april 6th ) be up over a dollar a share on Bam but the share price on Bpy is relatively unchanged .
I invite discussion thanks for listening ,
ted