Historical replay · LITEB/USD
Lumentum's Deal Day: $943, Then $680 (November 2026)
Tokenised Lumentum jumped 9% to $943.13 when Marvell's $115 billion all-stock offer was announced on November 2, 2026, then fell 28% from that high to $680.48 by the US close. Replay a takeover that sank its own target.
LITEB, the Binance token that tracks shares of Lumentum, the optical-components maker, spent Monday morning in Europe near $865, slightly above the stock's Friday close of $840.70. Reports that Marvell Technology was in talks to buy the company had circulated since October 29, so the market was waiting for terms rather than a surprise.
The terms arrived before the US open: 4.500 Marvell shares for each Lumentum share, valued by the companies at about $1,132, a 23.9% premium to the October 28 prices. The 12:00 UTC hour was the busiest of the replay by far, with 49,575 trades and $2.27 million of volume. The token spiked to $943.13 as the headline value hit screens, then reversed to $821.69 within the same hour and closed it at $831.55, as traders recomputed the offer at Marvell's current price. With Marvell near $192 before the open, 4.5 shares were worth about $865, not $1,132.
The rest of the day was a slide in steps. The token fell to $779.30 in the 13:00 hour and to $742.08 in the 14:00 hour, which includes the opening bell, as Marvell itself dropped on the dilution and the chip sector weakened. The 16:00 hour added $840,067 of volume on the way to $726.21, and the 18:00 and 20:00 hours took it to $693.95 and then $680.48, 27.8% below the morning's high. Lumentum's shares closed at $684.40, down 18.59%, and Marvell's at $171.41, down 12.72%.
The token ended the replay around $684 on Tuesday morning, about 12.7% below the $771 value of 4.5 Marvell shares at the close. That gap is the deal spread: what the market charges for a closing expected in the first half of 2028, regulatory reviews in several countries and a buyer whose shares can keep falling. The replay shows the most counter-intuitive feature of an all-stock takeover: once the ratio is fixed, the target trades on the buyer's price, and a falling buyer can drag the target below where it started.