Investors in the $230 million Australian Industrial real estate investment trust face a Monday deadline to take advantage of a mostly scrip bid for their vehicle from rival 360 Capital Industrial Fund or they might miss a quarterly distribution from their new manager. 
The rush is on for investors after their management, Allan Fife's Fife Capital, finally capitulated to the long-running siege by 360 Capital, led by veteran campaigner Tony Pitt, after the market closed on Friday.
Fife lowered the drawbridge after its attempt to secure an alternate all-cash bid from a South African consortium was brought undone by the two sides' failure to agree on a key acceptance condition.
The South Africans - Johannesburg-listed Redefine Properties and The Pivotal Fund - had proposed a $2.40 offer per unit of the Fife-run fund.
The sweetened 360 Capital bid comprises 0.9 units of 360 Capital Industrial Fund and 24.5Â¢ in cash.
With stock closing on Friday at $2.41 in 360 Capital's listed industrial property trust, the offer was worth just more than $2.41. The Fife-run fund closed at $2.38 on Friday.
The 360 Capital offer, revised and extended several times already, expires at 5pm on Monday, putting pressure on investors to switch quickly from siege to surrender. Those who accept by deadline will be able to claim the next 360 Capital Industrial Fund quarterly distribution, equivalent to 4.8Â¢ a unit in the Fife-run fund.
Over a nine-month campaign, Mr Pitt's platform has accumulated a stake of more than 36 per cent of the target fund. If the revised offer passes a 50.1 per cent acceptance level by the Monday deadline, it will be extended automatically another two weeks.
An independent expert's report has declared the 360 Capital offer to be fair and reasonable.
Despite that, the Fife directors had urged their shareholders to hold out in the hope the South African bid was formalised into a firm offer.
But the prospective bid foundered when the South Africans insisted on a 50.1 acceptance requirement and the Fife directors were unable to recommend it with such a condition in place.
As that alternative melted away, the Fife directors' resistance to the 360 Capital takeover also evaporated.
With 360 Capital likely to gain effective control on their fund, the Fife directors advised shareholders to accept the revised offer quickly or sell on market.
The Fife directors, including Allan Fife and chairman Rod Pearse, a former Boral chief, have attempted to muster some dignity in their about-face, telling shareholders they will not accept the 360 Capital offer but might instead sell their stock on the market.