important not to forget , page-26

".. when management recommends the deal it's going to happen like it or not.... "

Unless there is a dissenting major shareholder, although usually management first get them on side. Probably the reason that managemnt have flagged the potential 'change of control'. ie 'news' was already in the market (sic)

Another thing to consider is the reason why the sp did not spike much higher. Leave that to your imagination.