Yes, "grasping at straws" is the right analysis of the Sask Party's attempt to make excuses to gift SaskTel to the corporate sector. But it's also worth noting something those straws have in common.
Presumably any risk to SaskTel can be paired with an opportunity for another party looking to profit within the telecom sector.
For example, the risk that SaskTel will be sold off for scrap means that some corporate benefactor will profit at the expense of Saskatchewan's public. And so too does the presence of any risk from telecom providers looking to expand their presence in Saskatchewan imply a correlated opportunity for a telecommunications provider which is able to plan outside a single province's borders.
Needless to say, it was the Sask Party government's choice to take that opportunity away from SaskTel with a "Saskatchewan First" policy - which prevents SaskTel from even looking for ways to generate profits and mitigate risk by using its knowledge around the world. And if SaskTel is indeed weaker for that gratuitous decision, there's nobody to blame but Brad Wall.