Respecfully ('cause we've all screwed-up chasing rabbits down empty holes)...
I sort of saw this as "another example of greedy" investors trying to chase BKU on merger speculation. Kanas didn't "changed his mind" as there was nothing to change - the company merely engaged in “a preliminary process [to] consider its strategic alternatives.” That's it. That doesn't always mean "selling your company" - YOU assumed that, even bought more yesterday assuming there would be a big, fat price premium in it for you. BKU never filed anything with the SEC that could give anyone comfort regarding ANY possible strategic alliance.
So they considered alternatives and the alternatives didn't look good. They didn't get the bid they wanted; it's a crappy market for selling a bank so maybe things look better in a year or two???
No blood, no foul (unless you were the one chasing the rabbit).
As far as insider information.... Chances are most of that came from the BB&T and/or TD Bank side (assuming they bid). But I've long assumed there's insider trading on EVERY trade opposite mine.
Disclosure: Don't own BKU and can't think of a single reason I should have ever owned it.
With 6 trades over 100K yesterday, I would say they were BKU officers selling out or shorting if they knew the Sale was being tabled. I am sure it wasn't the two banks that made unsolicited offers the day before. There is something awfully fishy about this whole deal. I have been in this stock since it was an IPO, have bought 4 times and still not even. The more I see and who are the prime stockholders, I can see nothing but greed.