"You are basically thinking the merger will be denied by selling...

"You are basically thinking the merger will be denied by selling now."

That's not what he said. He actually thinks on the balance of probabilities the merger is very likely to go ahead:

"On HTA I agree that it may (I stress may) go to 20c - especially immediately post regulatory approval (90+% likely IMO) ... but I am not convinced of the strength and depth of that rally - hence the difference in our sentiment."

His post was here.

I have a buy sentiment but I think he actually makes a good point to consider. If HTA is far more thinly traded and there are fewer brokers, which is one of the reason why I believe it is undervalued relative to TPM... then what will be the circuit breaker that makes it bridge that gap in value? And how long will that take? Weeks, months, years? How will HTA deal with their share of the merged entity?