Ann: VHA TPG Proposed Merger, page-46

I believe your explanation is very accurate. The SP of the new entity will be based on, basically, the $6.29 per share value of TPM. Based on that the Share Price has to be 20c for HTA. The other variable may be the issuance of new shares by TPM before merger but I think there is no such chance. As TPM has re-rated to around $9, I.e. around 40% more than the baseline value of 6.29, fair value of HTA now should be 28c. Makes perfect sense.

Question still remains who were the lose hands selling at 13-14c today? If they were really freaking out with the mention of ACCC, that will be a very dumb reason. The merged company will still only be the 3rd largest company in the country so not sure why this will not be allowed for the reason of being anti-competition!