Last week Reuters reported that private equity firm Cerberus and other PE firms were considering a bid for grocer Safeway (NYSE:SWY). Shares moved up 11% in the days following the Reuters report - investors and/or speculators seem to think that there is a reasonable chance that Safeway will be acquired at a premium. However, there is one constituent group which doesn't seem to think a sale is likely - insiders. We have seen a flood of insider selling in the past two months (and particularly a total of $16 million in sales by 5 separate insiders on October 23-25, in the three days after the announcement of a potential takeover) is telling us the exact opposite.
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