>It is impossible to know for certain what the insider knows, or why they are playing a straddle instead of picking a direction. However, given the information that is publicly available, it seems most likely that this is a long straddle played in anticipation of either a retracted bid (sending NATI <$47) or the arrival of a new bidder for >$53. The high break-even point suggests that the insider expects NATI to move significantly in one direction or the other.