JGS, SMC, and MER

Whichever way you look at it, this news does not bode well on the short-term price of MER

I would say that MER will be saddled inside 250 - 260 range in short-term. Why?

• Gokongwei will not buy at current market price without any discount. 10% off is a reasonable expectation for JGS or the deal is off. Now, who's more desperate, the buyer or the seller? 
• RSA seems desperate to divest, so SMC will have some money to pay off short-term debts. (Important to read this). I can picture SMC's Finance trying to find ways to make a better picture off its current balance sheet. 
• JGS's own interest probably lies only with Gokongwei's current thrust to keep holdings that pay-off consistent dividends. He will not hope to get control of MER today or on long-term. MVP's hold in Meralco is cemented at this point.He wont hope to get immediate synergy from adding MER inside JGS. 
• So, it's SMC who's more interested to sell at this point. 

I unloaded all my MER shares at an average 8% loss.

Unless a player will jack-up the price of MER back to 300 PhP level before applying say a 10% discount to JGS's buying, this whole deal is not good for MER. But who has the incentive to do jack-up price? 

In any case, any MER price down will only be temporary. The merits of MER as a company--which has solid revenue growth and even planning to establish power plants of its own--will prevail in the long run.