The share price would have to trade be below 20c on a reasonable...

The share price would have to trade be below 20c on a reasonable duration before you can see any offer for privatisation. At that level, the punt would be less risky with a warranty to wrap up with little resistance.

At the current market and TEN operating conditions, the three amigos are not in the hurry doing anything. I am just guessing they just sit on the fence and wait to see what PPT and CBA will do with their remaining holding.