Need help figuring this out


I was discussing with some friend and we got in an argument about what is the right move to do when a big company is being bought by another even bigger company and the information wasn’t public yet.
Do you wait for it to be public and buy the stock of the company that is being bought or the one who is buying?
Do you buy it way before the deal is announced or you buy it some days before it is being announced?

Ps: Im not looking for any illegal advice. We are mostly trying to understand how politics that have this kind of inside info of these types of deals can use it for personal gain.


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