Hi Douglas,
This will really be a decision that will be dependent on one's portfolio. There is no higher offer coming, so one could sell today and just redistribute that cash, or wait and receive the BAM shares. BAM is much more than a real estate staock, it is an asset management company with a much smaller yield, so it may not meet your investment goals.
If you are looking to keep that position vested in real estate and something with a higher yield, then taking the cash and investing in aother REIT may be the best course of action. On the flip side, if income isn't important and you don't need to keep the entire portion vested in real estate than perhaps BAM shares would be an excellent choice. I don't like the company's complicated structure, but there is no denying the company's strong performance and a status as an astute asset manager.
Ultimately, the choice will depend on your investment goals.
Mat