RE:General question regarding material informationKevlin, here you go, some context:
https://www.bcsc.bc.ca/-/media/PWS/Resources/Securities_Law/Policies/Policy5/51201_NP.pdf
The way I figure, under 2.2 confidentiality, each party can file confidential disclosures that don't go public. Confidential is subjective IMO, to which all their buddies likely have folks surrounding this confidential filing, who also trade.
Seems like there is enough here to enable them to hide material disclosures.