I dont think it really matters if its approved or not, it could be argued that TPG is better of without Vodafone, TPG is profitable, and has good cashflow, Vodafone will drag TPG down and suck cash out TPG operations until the merged entity can competitor with Optus mobile network.
With a commercial agreement between Vodafone and TPG for sharing 5G spectrum the long term network should sort itself out, so what is to gain from the merger ?
Vodafone, Optus and Telstra will be the biggest losers of the merger doesnt go ahead, due to pressure on prices, and thats the argument that ACCC and even courts will struggle to see past.
Without a merger TPG could still perhaps share spectrum with Vodafone, maybe they could also go after Amaysim to boost their numbers, try and focus their rollout in high traffic areas, maybe even provide mobile roaming agreements to other MVNO's
