> ...wait, no, that would mean Microsoft would have some special insider knowledge of Nokia's finances that no one else was party to. Surely not. Not really an

> ...wait, no, that would mean Microsoft would have some special insider knowledge of Nokia's finances that no one else was party to. Surely not. Not really an issue if the board approved going to Microsoft with the financial information first. Moreover, when negotiating the strategic partnership, Microsoft may have gotten a right of first negotiation, that would legally entitle it to first dibs on the acquisition and certain "insider knowledge" anyway. Ultimately, shareholders might still have to approve the transaction, but there's no insider trading issue with reaching out to potential acquirers on the downlow.