Ann: Intention to Make Takeover Bid, page-117

"I've had quite a few stocks that had offers in place and they have traded well below the offer price (the floor price). The last being Sirtex. It traded up and down well below the offer price only getting to the takeover price very close to settlement. I owned Healthscope when an offer was made and if memory serves me correctly it didn't reach the offer price and slowly dropped after that."

Not too sure of the actual point you are trying to make here, but there are some stark differences between the takeover offers that were made for SRX and HSO (I was a shareholder in the latter), and this takeover offer for TRS.

In the case of the both SRX and HSO, the offers that were made for those companies were highly conditional, involving Schemes of Arrangements that required shareholder votes and Independent Experts reports (in SRX's case), exclusive due diligence access and Investment Committee approval by the bidder in HSO's case, and FIRB and other regulatory approval in both cases.

So it is quite logical that SRX and HSO traded a little bit below the prices at which their bids were lodged, to reflect some risk of those respective takeovers not proceeding. (In fact, the HSO board proceeded to investigate a sale of the company's property portfolio after the bid was made, which was one of the break clauses in the initial offer, which is why the stock dropped off below the offer price., as the market thought increasingly that the bid may come unstuck by management's actions.)


By comparison, the takeover offer that is being made for TRS is free of all conditions, meaning the stock's pricing above the bid price is perfectly rational.

So, really, you are comparing apples with oranges here; the circumstances are quite different.