Not sure what types of rules still apply to them and what kinds of SEC violations that could cause in pinky land. It would still be illegal if the merge took place and they began buying all the stock before the info became public, right?
'Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.'
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