I would love to see a TO, preferably well above 40c per share :)...

I would love to see a TO, preferably well above 40c per share

In the meantime VAH should ask the ACCC to explain why they think that Cobham and Qantas compete with each other (when Cobham does the FIFO business for Qantas). If VAH and AQZ are allowed to extend their alliance (much is already happening today) then that will be very positive for the customers as only then they will get some real competition in that market....

What VAH should also do very soon is to talk to Lufthansa for code shares into Frankfurt and Munich now that Etihad has struck a deal with them
http://gulfbusiness.com/etihad-lufthansa-announce-code-share-deal/
They could also take the SIA route as SIA/LHA are very strong alliances partners too. VAH/Lufthansa into Germany sounds more attractive  than the current VAH/AirBerlin deal. So, potentially good news ahead