How to act to MS and Citi merger from an option trader's pointiview?

Anybody shed some lights onto this?

 

I would see what C does on Monday then sell call verticals but I'm still pretty bearish on it. Should get some nice volatility on Monday at least.

 

How to play that volatility on Monday?

And only for one day?

How about MS?

 

just sit it out - they may declare C equity worthless in order to do the merger

 

Who will declare? How to declare?

What about MS itself?