I have been trading options for quite a while, but an interesting situation just came up that I have no idea how it would resolve. Perhaps some of you could shed some light. the situation: You may be familiar with the acquisition of Neighborcare (NCRX) by Omnicare (OCR). OCR made an all cash offer for NCRX of $34.75 per share and according to the press releases 97+% has been tendered. Both companies have options. If a seller of Dec NCRX 35 Call options has not closed out the position and the buyer has not closed out the position, then the seller still has an obligation to deliver stock to the buyer at $35 per share until Dec. How can the seller of the option also sell the stock to OCR and be able to fulfill the obligation of delivering the stock should the buyer wish to exercise anytime until Dec. Since options are a contract for a specified amount of time, they should continue to exist until expiration or exercise. What is your thoughts, Please.