Agree, the board have made it someone else's problem by opting for demerger and I'd expect they'll just sit back and allow status quo to play out until the thing is demerged. I think some sort of combination becomes much more likely once TAH is a stand alone entity but you could also see one of the other suitors coming back.
Either way I wouldn't expect TAH is responsible, more likely the exit of some hot money and a loss of momentum.
Where is the bottom now, page-41
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