BoobsagoodFound this which might answer your query. Not sure if...

Boobsagood

Found this which might answer your query. Not sure if it refers to Exchange Traded Options or Company Traded Options or both.

13. Takeovers and Mergers under Schemes of Arrangement
Item 10 of Appendix 2230 (Adjustment Circumstances) to the ASX Operating Rules
Procedures
Note that takeover and mergers are events whereby the rules do not specifically prescribe a
standard form of adjustment to be used.
As a general matter under an adjustment, ASX will seek to maintain the total value of
exercise, before and after the event as far as is practicable, to be fair to takers and writers of
open positions held.
A cash offer if successful, would generally result in a termination of the options.
Currently, termination is by cash-settlement at intrinsic value. This is equivalent to the expiry
of the options effectively brought forward to the last day of trading of the underlying security.
No market is available in the underlying security and hence no market available in the
options. Generally, the cash offer amount is used in lieu of the market value of the shares on
the last day of trading. All terminations are determined on a case by case basis.
ASX Clear (ASXCL) will terminate the Options contracts as directed by ASX pursuant to