On 14 January 2008, at a meeting of the board of directors of Yippee Ltd, it was revealed that a major competitor was likely to make a takeover bid for control of the company within the next few days. The competitor had yet to make an official takeover bid. On the same day, Bob, a director of Yippee Ltd, bought 10,000 Yippee shares in the stock market. He also told the news to his friend Marcus who then bought 20,000 Yippee shares.Required:Discuss the legal positions of Bob and Marcus under the law relating to insider trading. (10 marks)
