IF TPM did go after AYS, I would suspect that the AYS board...

IF TPM did go after AYS, I would suspect that the AYS board would say that it is "opportunistic and does not represent the full value of the company". Also TPM would need about $650m to even start to engage with AYS (30% premium to current market cap). Industry consolidation, (done at the right price) is always beneficial to the acquiring party.
If the opportunity is there, TPM should take it, but it should be careful not to let a t/o detract from the main game, which is the rollout of a new network.

HT1