Depends - a take-over overture could be done via Chinese wall and only include the CEO and Board. An offered and rejected bid would be material no matter which way you slice it, so she wouldn't be able to trade on that information if she had it.
Chinese wall could be plausible and maybe explain why others haven't purchased. Exel has been very good at keeping information private for the last year or so and I prefer the company to be airtight than to have leaks seeping out of control.
Agreed so this means there is no future new share offering on the horizon too!!! This is good news. As to buy it, it is way too early. I don't want to sell at $12. I want to sell several years from now when shares hit over $100 a share like Medivation (prior to stock split) and/or there is a buy out then. Big pharma will pay the premium for the company down the road versus taking it over and destroying its operations too early.
Note too that from an insider buying perspective she waited until after FDA approval (so dead issue their versus buying before approval and perhaps having a sense from the FDA. But more importantly, the buy is now before future other FDA approvals!!!!