What a patriots,refused $680m takeover bid!

In my memory,major shareholder refused $680m takeover bid by American company in year 2015 and raised $150m in capital in year 2016(?).
But now TEN's market capital is only $177.6m(=370m shares x $0.48).
In my opinion,it is time to act for getting takeover bid or strong restructure now.
Windfall will not come with media law reform to TEN.
If TV licence fee is reduced by 3%,it will reduce expense by less than $21m(=$700m x 0.03) per year.