I note in your theory you didn't mention the part about directors buying on market less than three weeks before the deal was announced.
I suppose they were just trying to inject some confidence in the market wernt they, after all why else would they buy in if, as your theory goes, things were going to hell in hand basket.
I guess they wern't "incompetent" enough to stiff themselves of some extra coin!
All in my opinion of course.
IGR Price at posting:
40.7¢ Sentiment: None Disclosure: Held