ACCC SoI for TPG / Vodafone Merger, page-2

TL;DR the ACCC repeatedly mentions concerns that the proposed merger would lessen competition in various markets (retail / wholesale mobile, retail broadband).  This doesn't kill the merge, but certainly suggests that the ACCC is hesitant, and if so then it would likely also knock back an AYS merger, lessening the likelihood of a takeover offer being made.