Can it be beaten by shareholders? I recall looking at the AVO...

Can it be beaten by shareholders? I recall looking at the AVO register a while ago, and it had some interesting holders apart from PALA...and which of the following are they anyway?

top 5 holders:

CITICORP NOMINEES PTY LTD 27.25
HSBC CUSTODY NOMINEES AUST LTD 15.54
NATIONAL NOMINEES LTD 13.90
JP MORGAN NOMINEES AUST LTD 8.11
ANZ NOMINEES LTD 3.07

If this bid is even worth the $3.60 someone mentioned in terms of equivalence, why hasn't the sp jumped up to those sorts of numbers? This is disheartening.