I think a TH was required because there was an unexplained increase in the SP on Thursday and the company knew that they had price sensitive information about the DW that was not yet released to the market which was not yet at a stage where an announcement could be made (i.e. it was awaiting final sign off by the parties).
Could you imagine if SPX didn't go into a TH and the SP keep increasing on its trajectory from Thursday and then on Monday morning the DW announcement lands? There'd be screams of insider trading etc. I think they had no choice but to call a TH in those circumstances.
It's just the beginning for Spenda!, page-5779
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