As far as I know, options are cancelled, yet they are done by way of cashing out.
So if the purchasing entity offers an all cash TO, then the value of the options are decided by the TO offer per share. Eg. On a 15c option, if a TO offer is made at $2 then the option holder should receive $1.85 for each option.
There is no market value upside or downside. Just the intrinsic value of the options.
I believe that there are other ways things can happen, eg a mixture of cash and script. There may also be some kind of discretion, so DYOR.
Also, in many cases a stock will go into and out of trading halts during a TO, so one would hope that the opportunity will arise to sell or convert.
Once again, DYOR here
The Final Charge , Phase I/II MND Results & FDA ODD Approval Catalyst, page-96
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