It's entirely possible that they are waiting for the initial bid or proposal to come in, possibly later this month. Insider buying before the bids come in should be fine since they have already publicly disclosed their plans to evaluate deals.
After that, there would be two more rounds before they select the final winner. They need to secure something soon, or I suspect many will vote against them in the annual meeting. On top, they have a competitor that is right behind them, seemingly willing to move as fast as possible.
I hope the exclusion of Phase 3 from their guidance signals their confidence in securing a deal soon.
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