Orabanda is right, the company doing the takeover doesn't have to offer anything for the options, they'd have to be converted to fully paid shares for holders to participate.
MND Albemarle lithium downsize burns $200M hole in Monadelphous's pocket as latter's contracts terminated
KAI Pilbara Minerals buys land off Kairos part of its York gold project for $20M – and a 2% royalty on any PLS gold sales