Hi the reason this will not go below $2.70 is that it is an ON...

Hi
the reason this will not go below $2.70 is that it is an ON MARKET bid, meaning that the bidder will take all shares offered at that price (Bell Potter as agent for Allensford is to buy shares at $2.70- there are bids at that price for 1 and 2 million at present which are probably Bell Potter's) and they will continue to buy until it takes over TRS.
The other takeover offers mentioned would have been the more common OFF MARKET bid- where sellers sell to a bidding vehicle- not on market and have to wait to be paid. The sales on market are to buyers other than the bidder. Shares in that case can go below the bid price because sellers want out (and the $$$) quickly etc.