OPT OptionsSince I have never invested in an option before, I...

OPT Options

Since I have never invested in an option before, I just want to verify my understanding of a 30-cent OPT option:
a) OPT trial success, commercialization: Great, I exercise my options and acquire OPT stock for 80 cents.
b) OPT trial failure, company goes into Voluntary Administration (VA): Bad luck, my option becomes worthless.
c) OPT undertakes a Capital Raising (CR): My option remains the same, priced at 80 cents, but I suffer from the same painful dilution effect as regular shareholders.

OPT is Sold, Taken Over or Share Swaps (No more OPT)
What confuses me is what happens if the company is taken over, either through a friendly or hostile acquisition. Hypothetically, if CSL acquired OPT and OPT was purchased for cash with regular shareholders paid out $3.50 per share, what happens to my 30 cent option if there is no longer an OPT company, even if it's a favorable outcome for regular shareholders?
Additionally, what about a merger involving a stock swap, for instance, hypothetically exchanging 50 OPT shares for 1 CSL share?

(Very much not asking for "advise" , just general principles with options)