Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-236

Based on some of the media (AFR) and post so far, investors are too focused on the current implied value of the merger. So we may see a retrace to match these expectations. But once investors realise the synergies that the merge group will create, the focus will be on the future implied value, and expectations will rise with the SP. The reserve upgrade news will see a significant re-rate, IMO.

Also to note, based on some post here, it seems there is capping of both SPs for this merger news? So now that it's out there will this capping stop and let both stocks run? I surely hope so.