The CBB considers that the details relating to takeovers, mergers, acquisitions and share repurchases to be inside information. The confidentiality of the offer before an announcement must be maintained and all persons in possession of confidential information, and particularly price-sensitive information, concerning an offer or contemplated offer must treat that information as secret and may only pass it to another person if it is necessary to do so and if the other person understands the need for secrecy. All such persons (as insiders) must conduct themselves so as to avoid any chance of an accidental leak of information.