It seems like there is still a large imbalance between sellers...

It seems like there is still a large imbalance between sellers and buyers of VTG so it may be they want out almost at any cost - perhaps alternative options for capital vs the uncertain future here. the other consideration is that taking the large dividend from the ICT sale vs the capital loss on the SP if you sell out post ICT sale may not be attractive for some shareholders - take a smaller capital loss now and redeploy the capital could be the thinking of current sellers. in view of the lower share price and the ongoing selling action i have moved my sentiment to buy as i am long term investor and see higher margin business more attractive than the ICT business despite the view that the transaction price is too low. still not sure if i will vote for this deal as i personally would maintain the minimal service obligation for TLS till 2025 and reinvest the cash flow. if TLS sweeten the deal at some point before 2025 then exit. I would expect as iphone sales pick up and 5G becomes a motivation for many to upgrade their handsets + 60% of Australia coming out of lock down by Christmas the next few months could prove quite profitable for the ICT business.