B&B may still be there, but given that speculation is also rife about SGT circling CDR (and Allco, and B&B exiting), this is unlikely.
TLS would have competition concerns.
HTA is unlikely although SGT taking over UEC helps SGT in delivering the backhaul network that SGT signed up to deliver to HTA under its 3G transmission arrangements (circa, October 2002).
VOD is unlikely although it will be in need of its own backhaul network to support 3G going forward. But VOD would baulk at the current 40c offer price (ie: not known to pay fully for an asset being acquired).
TEL already has AAPT and is tied up with HTA on 3G.
That leaves the smaller sector (3rd tier players) which is also unlikely.
You could look at Asia Global Crossing - always, a possibility (given the links to Li ka Shing).
Perhaps Macquarie Communications or Infrastructure Funds - unlikely given that MAQ were previously trying to sell down ALN's interest via a bookbuild.
You could look at the media sector (ie: try to repeat SOT and NBN) - but nothing immediately comes to mind here (whether it be SEV, PBL or TEN).
Thinking out of the square - other media such as SBC, FXJ or NCP could be possible (but only if the data casting rules were relaxed, and further convergence took place).
