Is the party in question guilty of a violation of U.S. insider trading law if they followed through with their proposed plans/strategies? (Please keep response BRIEF, LESS THAN 100 WORDS)

While sunning yourself on the bleachers at your daughters track meet, you overhear an acquaintance, who is a director of an oil and gas company, describe to his wife a recent business trip, including details relating to a possible disposition or liquidation of the company or its assets. Among other things, your acquaintance mentioned to his wife that there were several bidders, and that an announcement might occur the following week. You are considering whether to call your broker to buy stock in the company, and whether to retain the information to close friends.