The stock dropped 2.9% while these shares were trading. Does...

The stock dropped 2.9% while these shares were trading. Does that mean more sellers than buyers?

Book value of Lynas is AUD 1.20 a share. Stock price is $9.00 a share. Find me any takeover that paid even 3 X book value. I can find many that were less than 1. So if a takeover is coming the stockholders will take a beating.

Anything a company pays over book value goes on the balance sheet as Good will. Good will cannot be used to raise money and most investors see large amounts of good will on the books as a bad sign. Good will has to be amortized over time so it becomes a big drag on future profits and does nothing for company.

Banks do not loan on good will. So company taking over would need either 7B cash on hand or it would have to be a stock swap which would probably not please current stockholders of the takeover company.