Have a look at SXP/SXPO to see what is likely to happen.
Anyone wanting a takeover will have to make a bid for the options (but usually at the target price for the heads less option conversion price).
In the case of SXPO they were offered a slight premium to the SP + conversion price.
Of course should the option bid be too low, you can also convert early & take the takeover price...
Thats why the options usually hold a small premium
