From past experience, I think this means that TMT has completed Stage 3, and is now in the process of Stage 4 (at the beginning of). Stage 3 is where the lion's share of the time is usually spent, stage 4 is much quicker, stage 5 is quicker still. I would have thought this should change the landscape with regards to the merger terms, TMT deserves an improved offer.
All IMHO, DYOR
EPA update, page-6
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