question, could tls become a takeover target ?

With the FF selling down to 5% or even less, that means it is possible 95% can be owned by others ?
Who are they, besides normal aussies ?
i think you need 90% or 91% for it to be a formal takeover ? Correct me if i`m wrong.
While the FF fund has been selling down, somebody else has been buying millions of shares ?
within less than 10 minutes this morning approx 24 million had been grabbed, and the relentless buying keeps continuing, with a massive dividend looming.
Soon the FF will be down to there own minimum requirements.
Are the australian govt. all out of telstra and only have interest in the remaining shares the FF have left ?.
Is it a possibility some large institution is accumulating telstra ?

These are only my own thoughts for myself, i am not an investment advisor, do your own research