You're totally misunderstanding the merger. TPG isn't trying to beat TLS at their own game. They're a different offering that's going to capture all the customers that don't just religiously use Telstra. I hold both because they corner different parts of the market.
And merging with Vodafone is just the quickest and easiest way of moving forward. The alternative would be a long drawn out process of trying to run them out of business (which seems to be what the ACCC wanted).
TLS Price at posting:
$3.76 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)