RE:insiders selling TSX reported last 15 insider trades shows the most recent as February 2, 2018 with Eduardo Morales selling 150,000 shares at $2.4827.
While potentially impacted by delayed reporting by the insiders involved, there has been no buying by insiders since the exercise of their options on January 18, 2018. So while their press release says they can now start buying ahead of the deal closing because they have no unreleased inside information, they have not acted to enter the market. This would seem to suggest the senior management are not sufficiently convinced their deal will close to put their personal funds into the deal, hence the conclusion that this is not a risk free arbitrage opportunity.