Hi Mick This might help with you thoughts...

Hi Mick
This might help with you thoughts .

https://www.fidelity.com/learning-center/investment-products/options/call-options-basics

It does give PNR the right to excise this option up to 20 days after the date the company acquires more than 51% of the full register of shares of MRX and we have up to 9 months to accumulate. But if we achieve the 51% holding sooner the 20 days will stare from that date
PNR has used it as a insurance , if it all goes through and the price rises above $0.042 they will excise their option if not they will let them expire/laps .

The big thing i see is the $0.042 ( 7% premium ) on a falling share price and the thirty something % might be cheaper . meaning it might not be in the money .

I hope this helps