Is there any legit way in which whoever made this trade could have got a wind of a potential acquisition without relying on inside knowledge?
replies(3):
Yes, people try to follow private plane transponders of bankers and corp executives to/from corporate headquarters. This is harder for 2 SV companies, it isnt like the plane is flying to some rural HQ.
IANAL, but I'd guess that betting on an acquisition based on public data about private plane routes would make this trade legal IFF that happened.