Could someone explain why the big difference in pricing for both BAM and BN transactions. There are three transaction for both stocks. For BN, two are in the $40+ range and the other in the $31 range? Similar for BAM?

BN and BAM trade on both the New York and Toronto exchanges. I'm assuming the trades in the 40s are on the TSX, in Canadian dollars.

Is there any reason for not following Flatt and Pollock and selling BAM to purchase BN??

Just keep in mind these are very wealthy guys trading on the margins of their holdings. Flatt now owns ~66m shares of BN and ~15m of BAM, according to the filing. Looks like he exchanged about 1.3m from one to the other. So would have been like 65m and 16m before the trades. He reduced his BAM holdings by about 6% and increased his BN by about 1.5%. It's so insignificant to his overall wealth the main purpose might be signaling the market. He's been trying to do that in his letters to shareholders but it hasn't had much effect to date.

BN seems clearly the more undervalued of the two at the moment, as we've discussed here, but there's no telling how long it might take for that undervaluation to be resolved. This is generational wealth for these guys. They can wait a long time.