SG, a TH isn't necessary once they make an announcement - its...

SG, a TH isn't necessary once they make an announcement - its whole purpose is to protect un-privileged market participants when insider knowledge leaks and may be acted on.

To announce that information has leaked and it has already moved the share price means that they believe that even the knowledge of the negotiations is market sensitive.

They should give everyone equal access to the information they think has leaked, and/or call a TH. They can then make an announcement of a deal or no deal when appropriate.