@virtuosaThats a very complex question and there is no single...

@virtuosa

Thats a very complex question and there is no single answer. Options are treated under the broader category of Convertible Securities. As they are not shares and their holders have no equity in the company (or voting rights) by holding them they are not necessarily entitled to the same benefits shareholders, however in practice they usually do have certain legal rights to convert to equity thus being a significant thorn in the side of any acquirer if they aren't appropriately deal with.

The acquirers strategy to deal with these can be complex, particularly if the options are underwater. It also depends on how many there are on issue and if these fit safely under the 10% level or if they can be exercised and prevent compulsory acquisition.

For the sake of this conversation here and how in the context of Biotron and making a whole bunch of assumptions about who, what and when said offer were to take place, it would seem likely that the options would be given an offer at 6c (or thereabouts) less than any offer for the heads.

There is a hell of a lot of legal complexity here so its very difficult to provide a specific answer. Suffice to say whilst option holders don't have the same rights as shareholders, practical necessity often results in options being treated proportionately.