Smith, I don't think divulging the name of the prospective takeover candidate would be considered insider info. Why can't he announce that NWAU and the XYZ company are "currently in merger discussions?" I've seen those types of press releases all the time. It doesn't necessarily mean that a merger agreement will definitely come to fruition. The whole thing makes me suspicious as to whether we are even in serious negotiations with anybody. The June 29 letter we all received says "90 days."
I agree that in the long run, it won't make a big difference. But, this would be a bad time to start causing credibilyt concerns.
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