I'm only guessing what the terms are, but it's the general duty of parties to use their best endeavours to fulfil the bargain reached. This contract may even state that the Boards have to recommend it.
Also, look up 'approbate and reprobate'.
You'd have to think that major holders of TAM would have been canvassed before the deal was struck. No point in doing a deal if the major players don't like it.
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