MLNM got a buyout offer today, and although I'm not surprised that the trading volume today is huge, about 40x normal, I'm surprised the stock price is barely moving. Despite the volume, despite the fact that there are several hundred thousand at the bid and ask, it's moved about a quarter of 1 percent over the past 3 hours. Why would people trade a $24.50 stock that only moves a penny or so every half hour? Are they doing it to get liquidity rebates?
When the buyout is an (almost) certain deal, most companies trade like that. It's really not strange at all.
I had limit orders in below and managed to pick up an odd lot at $22 around 4:15am EST. I don't have a T&S for pre-market trading, but was this trading well at a discount to the offer? And yeah, this deal is a lock.