I am unsure. Hitang, the market does expect KKR to up their indicative 4 TTS but without a TAH response in the short term, how likely is that in the forthcoming trading days?
If TAH loses, hardly a "disaster" but ur $5 TAH target is unlikely more a FV of about slightly under the current mark of $4.70. That is when Ladbrokes might come in but with a combined TAH-TTS entity, Ladbrokes might take the consolidated TAH-TTS anyway which would be the only reason for a positive TTS, positive TAH pairs trade.
TTS sholders are unlikely to be holders of TAH scrip for much time IMHO. The consolidated target would be prime takeover material.
Perhaps the market is right and there is only upside from here but the SP weakness may be time decay from now until the upping of the bids. So TTS becomes range bound within the $4.21 to $4.45 channel on both a technical and fundamental basis.
