There are several scenarios that could play out.There are 3...

There are several scenarios that could play out.

There are 3 offers, let's called them Offers A and B for 2.20 and C for 2.40, all are subject to a number of conditions including conducting discovery/due diligence. Any of these offers could be withdrawn and none are guaranteed.

People that believe the likelihood that offer C is maintained, or A or B are re-offered above 2.40 per share would hold from here.
People that believe that offer C could be withdrawn but A or B would be maintained and possibly raised up to but not above 2.40 would consider selling here.
People that believe that all offers could be withdrawn would sell here.

Also worth noting that each offer included any future distribution payout, which is due next financial year. So holders can pull that forward and realise it during this financial year if they think any buyout scenario is likely to occur.

Finally, I believe a takeover has to be voted on? Considering this, major shareholders may be trying to accumulate in order to increase their voting power. The group behind offer C may be accumulating here. Equally, groups behind A or B may be accumulating, hoping to turn down the vote of takeover at C, with the intention of making a subsequent takeover offer below 2.40.

There is also the possibility that a group close to any of those that have been conducting due diligence believe the current SP is overvalued and are offloading.

As an outsider, it's simply speculation.
Just my thoughts on possible scenarios.