It seems like the telco pullback was brought about by a slight ACCC freakout. Which is surprising because every single merger in history has been investigated by the ACCC because.. that's what they are there for. They are good at what they do and they do their homework.
Having said that, after every merger comes the ACCC investigation media beatup.
Have a look at the Peregrine takeover of BP in SA circa 2013 as the gold standard in what ACCC will allow, compared to this no brainer.
HTA shareholders - no new shares?, page-15
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