Don't forget that the last time management tried to take QANTAS private the whole thing foundered because an institutional shareholder didn't buy the bovine excreta being spread by said management. QANTAS is not owned by management, they need those institutional shareholders to support them. Normally they do but it is not guaranteed.
I have no doubt that the present management wants to circumvent the intent of the QANTAS Sale Act hence the promotion of JetStar to the detriment of mainline but it is another thing to do that with a view to privatise the company. For one, there are serious criminal sanctions for duding your shareholders by driving down the share price in order to make a purchase offer by a private equity company more agreeable.