holding options on take-over?, page-6

Point taken amulet, can't recall frogga's scenario happening.
Further to my last post.(no bugle call).

What happens to options in case of a takeover or a merger?
Montréal Exchange - Options FAQ
When there is a takeover, a merger or any other event that affects the shares owned by shareholders, MX will change the deliverable to reflect what shareholders would receive. For example: Stock XYZ gets taken over by company MNO. They announce that shareholders of XYZ will receive 50 shares of MNO for every 100 shares of XYZ they own. If you own 1 XYZ call ("option" inserted by J) and if you were to exercise it, you would receive what the holder of 100 shares of XYZ is entitled to receive, i.e. 50 shares of MNO.

http://www.querycat.com/question/65f044bb41efa65028c882f443e9a224

Hope this helps
Cheers J