I had slept over this news (actually, the announcement / response from TDF), and after giving the whole thing some thought, feel that the right thing for ASF to do would be to turn down the donation.
There is already TDF which looks after the LibreOffice / OO.o project and is doing a remarkable good job of it. (just look at the start up time for LibreOffice over OO.o - first impression for a normal user).
There may be other issues - like licensing, which Oracle (or whoever is pushing Oracle to do this) wants to skirt around. But right now, this is an attempt at (a) washing its hands off OO.o (b) insulting TDF's efforts in improving the project's performance and usability.
Probably, ASF may accept the code base without (or refusing) relicensing, but as others have pointed out, one cannot give what one does not have.