I really don't think TNDM is a buy-out candidate. Their core business isn't useful to anyone strategically. Its not like tandem switching is a hot growth market cause TNDM basically already owns the entire market and as we've seen isn't really growing that fast. The only real reason to buy them out would be to get access to all their network and all the physical locations. Hard to anyone buying out the whole business just to get access to that. The most valuable part of the business is the tandem switching and nobody has a use for it other than as a stand alone profit center, there are no synergies out there.
As for a buyout for getting in on the ground floor of the ethernet exchange, that idea still hasn't been proven to be anything yet. Nobody is generating any revs from it, let alone profit. Maybe once they actually start actually signing up people and get some revs in, and there is a little more clarity on where its headed someone will jump in with a buyout. We're still a long way off from that, prolly at least 6 months before we really know if it has a future, then prolly another 6-12 months before a bidder comes in.