Don’t forget, everybody knew well that the prob for the deal to be approved was high. The only small risk was actually involved... Thus, the instant impact (for diffusion process) couldn’t be too big (read last weeks posts).....
Again, kpn is still “trading fund” dominated by short-term small/mid-size (volatility) traders....
However, the (formal) deal approval not only (instantly) removes “small risk” (for deal to be rejected), but also creates a solid ground for potential improvements in kpn fundamentals, resulting in very possible (though still not guaranteed) outperformance, etc., etc. These are not instantaneous, but mid-/long-term fundamental drivers (towards the fair value). They can also shift (and optimize) the kpn shareholders’ structure... (for further mid-term growth). As usual, institutionals, for instance, need some time to make their investment decisions....