On the contrary, Dart's SPhad stabilised prior to this deal but...

On the contrary, Dart's SPhad stabilised prior to this deal but has been locked onto Igas since the deal was announced. Dart rose to meet the Igas SP and has been in a downward spiral since because Igas has. It has nothing to do with the general market and everything to do with Igas. If Igas keeps going down so will Dart because while this deal is in the air the market will only value Dart as a fraction of Igas as per the takeover.