News: UPDATE 2-Competition ruling could resolve bidding war for Australia's Tatt investors, page-10

Quingees makes a valid point, unless the TAH SP falls, the TTS SP should go up and the TAH SP should in theory follow it. This explains the recent trading both to the upside and then the move down on Friday given the newsflow. To break the cycle and receive a data room and due diligence, someone must make a superior bid. Correct, fair and would you not expect anything else?

It does strike me as the ultimate arbitrage trade. TTS and TAH can only really both go down if there is no other offer, the ACT rules against the merger and the newsflow on the companies is negative. All of those eventualities are unlikely in unison so in theory both on a fundamental and technical basis, the SPs of both should go up from here.

The trading up to now including all of the intraday on Friday looks entirely rational, foreseeable and very positive signals IMHO but pls DYOR.