I haven't observed too many situations of how the takeover panel has dealt with various cases in the past.
But companies associated with Farooq Khan have been impacted in the past. If you really have spare hours you could google and read. BEL(2011) & MPO (2017) impacted so there is plenty to read there if you check out the reason for decision documents.
Please note I am not suggesting in any way whether there there are similarities here with TBR or not.
I just mention it in case some on this thread like to read up on how the takeovers panel tries to sort things out in the past in different cases. These are just a couple I remember from the past but I'm sure there must be heaps of other ones to read up on if you are keen. Also in these cases there were subjective arguments going back and fourth as the previous poster mentioned, yes it can be subjective!
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