After a few days of trading halt, there's finally news that Wheelock Properties will be privatized. Wheelock Properties have been a deep value asset play for a very long time especially for investors who buy based on the premise of a net cash position, their relative valuation to the one listed in HK and waiting for a privatization offer. The Offer Price values the company at $2.10 per share, which represents a premium of over 20.7% over the last transacted price of $1.74 per share on the 13th Jul. While this seems like a no-brainer win for most people, one has to look over their real long term return over the last 10 years after recovery from the GFC.   In fact, if we look at the offer price of $2.10, that actually only presents 0.78x of the Price-to-NAV which is way lower than the intrinsic ......