My Guess, whichever way TLS drops by 10cents first day.
Then picks up over next day the 15 cents regardless of appeal.
If approved less competition in the market therefore margin improves.
If not approved then competition will be between the bottom three rather than with the top one. Less chance of an equivalent competitor.
However, at first announcement people will expect the worse without analysing the impact. Once the uncertainty is gone it should rise naturally.
Merger. ... impact on TLS?, page-3
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