director purchasing - not a great look?

Director picks up 125000 shares in the week before this announcement (including further buys on Monday). Not a great look? or am i being too precious?

In fairness these are a drop in the ocean compared to his holdings of 10m+ shares.

Presumably he didn't know of the letter of intent which means the deal must have emerged out of no-where in the last 2 days? (or am i being naive?)