Ann: Supplementary Bidder's Statement, page-19

I can accept a company under a take over offer having its shares trade above the offer price if on reasonable grounds the offer price is too low.This being the case with TIE ever since the original bid was made.What I dont understand is when there is an increase in the price the the shares dont trade at or a cent lower than the increased price.I would have thought the market would be showing all trades going through at a price not less than 67.Any observations from others greatly appreciated