Shareholders and the boards of RMB Holdings (RMH) and Tower Property — companies that hold a similar portfolio mix — have starkly differing views of the value of their respective real estate holdings. How these contrasting views play out over the next few years will be intriguing to monitor as the property cycle moves.

Late last month RMH fended off an unsolicited and opportunistic offer made at 40% lower than the last stated NAV...

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