News: UNV Wescoal Holdings Issues Cautionary Announcement On Universal Coal Deal, page-8

Hi all. First time poster. I'm pretty new to stock investing, I have been investing since 2012 with an advisory broker but recently I've felt confident to self manage (last year) and kick those large brokerage fees. First stock I bought (myself) was UNV and this is my first experience with a TOB. What often happens if a TOB does not go through? My tentative guess is that the market may perceive the company as even more undervalued than the current SP. Thoughts? Experiences and examples?