If you think there is a strong chance of the merger proceeding,...

If you think there is a strong chance of the merger proceeding, there is a modest arbitrage opportunity here with IBR at .77 and TMR at .215
TMR would have to fall to .19 to be in the red from an IBR purchase now.

Although listing rules preclude holding back anything of significance, I agree with the previous post suggesting that all discretionary news flow will be kept to a minimum until this closes. So there should be some scope for an early run on TMR post-merger IMO. That's only from a relatively short term perspective but I see merit in the merger in the medium and long term so I have now signed.

Always DYOR.