What do you expect him to say man? It's not insider trading for him to say, "this company is a good company" or "don't worry be happy" or "People are going to be really happy with this stock once the merger is complete". Insider trading is giving info that isn't public information to sway shareholders to buy or sale. If he sent you an IM and said, "hey man the PR is going to be released at 3:45 today, load up.." Or " Dude we couldn't get the deal done, get out by 3:45". That's insider trading.. No saying, everyone will be happy with this stock when the merger is done.
