Ann: Bradken Provides Market Update and Announces Merger Approach, page-12

market does not always responds to the news immediately and accurately.
Or maybe, retail investors are worried about the unknown term of the merger: should BKN or Mago takeover the other entity? Who should issue the new shares and at what price?

But I agree the fact is, BKN's near term risk is removed, and that should be considered as positive.