UCL (an oil company) had nice run two days in a row, but its July 65 call hasn't moved at all. However, July 60 call does move accordingly. Why is that. 65 call is not so much out of money, or is it. Also Chevron is going to buy UCL at 16 billion, but currently UCL market cap is already over 16 billion. Rumor says another company Cnooc is going to join the bid. If CNOOC does not, will Chevron take UCL at 16 billion? It does not make a whole lot of sense to me. Usually for a buyout, teh buyer have to pay 10% to 20% premium to get it, 50% on top of the market cap is not rare either. Can anyone shed some light? TIA Kai