In theory buying a call option to cover a possible take over is a good idea.
I just looked at the long dated options valuations and because the volatility is so high they are very expensive.
eg STOGL7 Jun $17 Call valued at 85Cents.
I have never had a good sucess rate with Call options a fair way out of the money - they usually expire worthless.
In theory buying a call option to cover a possible take over is...
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