I think the issue being missed here is who runs TSI ..........

I think the issue being missed here is who runs TSI ....... Monish & Deepak are the main 2 guys and they only have a shareholding in one entity - TSN. So if TSN becomes worthless so does their personal interest - and if TSN wins big so do they.
CX need to sell by a deadline - everyone agrees on that fact. Demonetisation has caused massive upheaval in the Indian financial sector which has yet to stabilise even after 6 months.... I think everyone would agree with that. Thus, the issue for anyone looking to buy is what is the new normal going to be once things settle ... probably 3 - 6 months away based upon the current rate of progress?
Thus, any potential buyers will want to wait if they can ... only those with first hand insight into the daily operations of TSI will be willing to take the risk of buying now. However, if CX need to sell now then this creates a market with only 1 seller and 1 buyer, with the seller under time pressure.
That is how I see it. This deal will proceed IMO ... TSN want TSI and the management of TSI want TSN to buy them. CX need to get out and only TSN is willing to sign anything in the next 3 months (I may be wrong on this Roostar).. However, with the option we were locked into $47m ... we had to let it expire and TSN now have the power to pay less ... and so of course that is what they want to do. Financiers may ask for a slightly higher rate of interest if they see higher risk but, so long as that equates to less than the reduction in price, TSN wins.
Shareholder frustration is bound to happen in these circumstances ... TSN don't want to talk up the value of TSI in the interim and the deal with Noavtti has given them more leverage against CX so any news will only be related to that (although I expect news flow to be slow initially as there will be a lot of commercially sensitive information which TSN will want to protect unti lpen is put to paper) .... patience is all we need.
I reckon that TSN need to strike fairly soon (ie before transactions normalise and more buyers return to the market) so I am expecting a deal to be announced before 30 June.
Just my thoughts but my sentiment has not changed ..... the share price reflects nerves, uncertainty and a lack of patience - it certainly does not reflect the underlying business performance and growth prospects. I will be here when that changes
MartyW