Being an option trader means everyone will ask you know how to trade options on a company you think will be taken over. So here is an article explaining it. http://www.optionsweekly.com/buying-options-for-company-takeover-on-insider-information/ Just watch out for the SEC & FBI investigators!
The SEC recently sued some options traders for Heinz buyout so be careful dont have traceable inside info.
The market makers have a pretty good track record at getting their money back if you whack them on inside info. Be careful.