We can bitch and moan all we want, but the truth is that this deal will absolutely go through. If there's enough outcry, expect a dog-and-pony show on C-SPAN; in the end, they'll approve the merger with a "stern warning." Count on it.
Edit: Bought 10 July 28 puts and sold 10 July 27 puts against it. If AT&T is below 27 by July expiration I make $500. If the stock is above 28 by July expiration I lose $500.
Interesting ... very interesting.