LONDON, June 24 (Reuters Breakingviews) - St Modwen Properties (SMP.L) investors would be wise to put themselves in the shoes of the average home-seller. The owners of the 1.2 billion pound house-builder resisted an initial 542 pence per share offer from buyout house Blackstone (BX.N), arguing it undervalued the company. The negotiating tactic has clearly worked - Blackstone is back with a sweetened 560 pence bid amounting to a 25% premium to the British property company’s shares before the first approach read more . Like house sellers, St Modwen shareholders should recognise the limits of haggling. Aviva (AV.L) and Aberdeen Standard Investments, along with other investors who hold up to 20%, want to sell. However, Blackstone needs 75% support to get the deal away so needs to convince holdouts. Significantly, Blackstone’s latest punt is a 21% premium to St. Modwen’s net asset value, and above its market value in the last five years. Selling up can be emotional; letting a premium offer slip through your fingers is even worse. (By Aimee Donnellan) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Visa $2 bln EU fintech deal has ominous precedent read more Siemens’ digital hype lacks ambition read more Electronic Arts takes third pricey swing at mobile read more Westpac’s grounded Kiwi may fly another day read more Melco’s roller coaster ride returns home read more