In April 2016, I wrote about Dexus's (DXS) bid to acquire the Investa Office Fund (IOF) and how rival Cromwell (CMW) acquired a 9.8% stake in IOF (at $4.24 per share) that assisted in defeating the proposal. Fast forward to December and CMW revealed they had approached the Board of IOF to purchase the Fund with an all-cash offer of $4.45. Interestingly, this announcement did not come from IOF but rather from CMW, two weeks after it first approached the Board and after a related but separate party of IOF had purchased an 8.9% stake at the materially lower price of $4.23.