Looking at the announcement and the preceding announcements I...

Looking at the announcement and the preceding announcements I think that this is going to be a consolidation. Logically:

1) If it was an announcement of a material contract the Trading Halt would have said something along the lines of 'pending an announcement by the Company in relation to a material commercial agreement'
2) If it was an announcement of the TV2U transaction collapsing I think they would have just issued a standard announcement and it would have been done outside trading hours when the least number of people are watching it to minimise the rout. Aside from this, the only circumstances of a collapse of the deal would be by GAL's initiation (haven't they exercised the option to buy TV2U so a failure of DD would mean that GAL would have to decide to proceed or not).
3) A real left field play ... what if another company has come along and approached GAL to buy the right to buy TV2U (a very low probability but considering the perceived pipeline of contracts it is a possibility)

A consolidation makes the most sense to me. Very disappointing and poorly played by GAL if this is the case. The bizarre bit about all this is that if the TH runs the full 2 days and then we roll into the original timeline for the acquisition wouldn't this effectively shut the trading window for GAL effective today (forgive me if I am inaccurate on this - bit hazy on the deal timeline)