market does not always responds to the news immediately and accurately.
Or maybe, retail investors are worried about the unknown term of the merger: should BKN or Mago takeover the other entity? Who should issue the new shares and at what price?
But I agree the fact is, BKN's near term risk is removed, and that should be considered as positive.
Ann: Bradken Provides Market Update and Announces Merger Approach, page-12
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