Have no idea. My investments in NRF, NSAM, and NRE are all with street money as I sold 75% of holdings at much higher prices. The only reason still have some is to see how they are going to resolve this without being sued. Hopefully will make some more $'s.
The only language I see that would make a difference is the whole entity would go from being externally managed to internally managed. Will that change anything - don't know :(
Normally, you would probably be right. However today at 17:21 "the fly" came out insinuating the deal is nearly done with CLNY (sourcing Bloomberg). It looks like retail started buying at that time 1 share to 700 shares in NRF. Similar in NSAM with one 1,000 share block (also).
Would not hang my hat on "the fly", but that seems to be the reason for the activity.