Ann: TPG to Acquire iiNet in a Recommended Transaction, page-57

I found this article - a year old - on the web, and I thought it a good analysis of a potential TPG takeover of IIN and possible alternatives. The author appeared to know what he was talking about.

http://delimiter.com.au/2014/04/01/vodafone-buy-iinet-tpg-can/

I am definitely no expert in this field (all this talk of backhaul infrastructure makes my head spin) but does anyone have a view about a possible counter offer for IIN from Vodafone?  It seems that Optus and M2 have been largely discounted for various reasons, but there has been little talk of Vodafone.