A bank investor hoping to profit from industry consolidation has adopted an unusual strategy for acquiring shares in Kankakee Bancorp in Illinois: offer stockholders less than market value for their stakes.

Ira Gaines, a principal of IG Holdings in Phoenix, recently offered shareholders $20.125 per Kankakee share. At midday Monday, Kankakee shares were trading at $23.875, about 18.6% higher than what Gaines offered.

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