I believe there's very little chance of another $3.50 offer any...

I believe there's very little chance of another $3.50 offer any time soon; particularly as the conditional bid was never confirmed last time. An offer of maybe $2.75 might come from private equity or a new player wanting to enter the market. But I don't believe Vocus offers enough tangible value to any other Australian Telco for an acquisition or merger, even at current market price.