Just my 2 cents, but it smells fishy to me...

I don't know enough about options, but I would expect the rules around insider activity related to options are similar to the rules related to shares. 

I'm also not entirely clear in insider rules during a bidding war, but I would have thought insiders were in a blackout and cannot actively trades shares - just like they cannot trade for ~2 weeks before release of quarterly/annual reports.

Need to check with my friends at the OSC.