Any t/o by the major shareholders would automatically disqualify...

Any t/o by the major shareholders would automatically disqualify them in the vote to approve it. So, which shareholders would vote in favour of a t/o that is below cash backing, let alone below cash backing + franking credits, and below the typical 30%-odd premium for control? I suspect very few to none.

Money is cheap right now, so paying any premium for the cash holding is illogical. Any t/o would logically include a large franking credit-backed special divvy - and since that divvy will paid to the shareholder taking over the company as well, their total cost for the t/o would be commensurably smaller.

Having said that, I do not see any reason for a t/o unless there is something on the horizon that will significantly bolster value. There are very few projects on the market that promise blue sky at a reasonable price. This may suggest they should be looking off market - ie, at projects that the majors are thinking of exiting.