Options for how this plays out (in most likely order)1. DAM and Artis/Sandpiper take this private. Maybe the final bid will come in $16-20 depending on market conditions in the post-SIB months based on what they think is reasonable. Artis gets a portion of the assets and both are operated independetly from then on out.
2. Dream Office continues on as-is with additional measures to improve the gap to closer to NAV (reverse split the only one we know about, or maybe a second SIB at some point)
3. Dream gives Artis a few buildings in exchange for their shares. Artis will then most likely sell these off privately and focus on other REITS or a SIB with the proceeds.
4. DAM and Sandpiper/Artis sell a non-trivial amount into the SIB indicating their confidence in the NAV and ability to close it is a bit wobbly....and they have concerns as well. This would be the worst option, because it would immediately put options 1 to 3 off the table and we would need D.UN to be performant and office to come back in favor.