clue to the puzzle?, page-8

My mail is that FAS crew has moved on from wanting to merge with GWR.

They now just want best price for their GWR holding and hopefully they will hold out for such a price (potential buyers are pretty obvious).

The trick is financing the next phase of FAS operations without having to dip into their GWR asset. If they can manage that, then they feel there's enough income in their own IO to generate wealth through the rise in FAS share price (without worrying about a merger with GWR).