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I think, the relevance of closed period depends on the size and expected significance of the deal. I can't remember exactly off the top of my head, but I think if a deal is expected to make a 'significant' change to the value of the company (or the share price?) then the closed period ruling applies, but otherwise it doesn't.

Again, that's just from memory and I can't recall the source, so it could be different. Anyone know any more than that?

In the end though, I guess the directors have taken advice on this and can argue that this type of deal was already expected and written into the valuation. It's a good deal in my opinion, but not a big deal.