Will Ed Lampert finally lose a bid to get his hands on some cheap real estate? Taking over Kmart was a breeze in 2003 when the retailer's assets were being significantly undervalued in bankruptcy proceedings. His only snag in acquiring Sears two years later came when Vornado Realty ( VNO) disclosed a stake in the company, jacking up its price tag by more than 23% in one day, just two weeks before Lampert announced his acquisition plans. Now, as the deadline arrives for shareholders to accept Lampert's tender offer for Sears Canada, analysts say he likely will face rejection. The National Post reported Thursday, citing industry sources, that two familiar culprits are part of the campaign being waged against Lampert's bid: Vornado and hedge fund Pershing Square Capital. With annual revenue of $6.6 billion, Sears Canada amounts to relatively small potatoes for its U.S. parent, Sears Holdings ( SHLD), which just reported sales over eight times that amount for 2005. The parent already owns around 53% of its Canadian counterpart, but in a surprise move orchestrated by Lampert, its new chairman, Sears Holdings recently offered C$16.86 a share to shareholders of Sears Canada in a bid to own the entire retailer. Initially, investors expected Lampert to sell off Sears' assets after the renowned hedge fund manager swallowed up the floundering retailer using richly valued Kmart shares as currency. Shares of Kmart and Sears had both soared in 2004, largely on speculation that the two companies were sitting on a mountain of undervalued real estate assets. Real estate deals have yet to materialize at Sears Holdings, but the presence of Vornado and Pershing at Sears Canada, coupled with their reported disapproval of Lampert's offer for the company, suggests that Sears Canada may have a treasure trove of real estate of its own.