The question is whether someone is willing to pay more. The premium is a little light. But, Annaly trades for about the same P/E that Crexus does. On the other hand, Starwood is more highly valued, so could be willing to pay more. They previously offered about $14 per share, and may be willing to bid in that same area now if they're interested in getting into a bidding contest.
what would make you happy? The offer of 12.50 is worth 13 bucks right now as they won't get this done before the next dividend is paid. Likely it will reflect a special final dividend at years end. imo