In my case, * Internal buybacks ("tender offers") were actually all above the current (publicly-listed) stock price. Private valuations can be pretty inflated.

In my case, * Internal buybacks ("tender offers") were actually all above the current (publicly-listed) stock price. Private valuations can be pretty inflated. I think it's a good idea to take these and diversify. * My company did use a backchannel to stop me from selling privately to one of their investors before the IPO (at roughly double the current market price). So I think the spirit of your comment is right.