The Financial Post reports in its Monday edition Brookfield Asset Management, announced last week it is planning to offer $23 a share for the 36.8 million shares that it does not own of Brookfield Residential Properties -- a potential $846-million purchase (all figures U.S.). The Post's Barry Critchley writes the market does not think $23 will do. "The arbs are betting that $23 is not enough," noted one shareholder, who echoed the comment made by Andrew McCreath, founder of hedge fund, Forge First Asset Management. Mr. McCreath said $23 is "too cheap a bid because Brookfield Residential owns boat loads of real estate in the sand belt of the U.S. that's worth a lot more money than what Brookfield Asset wants to pay." Over the last decade, Brookfield Asset has been involved in two such situations involving real estate. Last June, Brookfield Property Partners completed the purchase of Brookfield Office Properties. Six months earlier, Brookfield Property sweetened its offer by $1 to $20.34 a share "following discussions" with the independent committee of Brookfield Office Properties. Once the price hike was made, the independent committee and the board recommended shareholders accept the offer.