SnackWise has not yet made an announcement that it is considering an acquisition of SuperCharge, and all information about the negotiations is non-public. If SnackWise's stock price was already trading at the value you calculated in your answer above (i.e. the value that the stock should have after the merger is complete) what form of market efficiency would that provide evidence in favor of (i.e., weak form, semi-strong form, or strong-form efficiency)? If a law was passed that made it illegal for managers of a company to buy or sell shares of the company that they work for in the weeks preceding a merger or other major announcement, would this make stock prices more, or less efficient, according to this definition of market efficiency?

SnackWise has not yet made an announcement that it is considering an acquisition of SuperCharge, and all information about the negotiations is non-public. If SnackWise's stock price was already trading at the value you calculated in your answer above (i.e. the value that the stock should have after the merger is complete) what form of market efficiency would that provide evidence in favor of (i.e., weak form, semi-strong form, or strong-form efficiency)? If a law was passed that made it illegal for managers of a company to buy or sell shares of the company that they work for in the weeks preceding a merger or other major announcement, would this make stock prices more, or less efficient, according to this definition of market efficiency