Lets say you sell an OTM calendar spread sell jan10 10C buy sept08 10C if leh announces the buyout at $10 over the weekend and stock gaps up to ~$8-10. Do those options basically lose most of their premium and only retain the intrinsic value? vs normal behavior where the 10strike calls would gap up per the greeks (delta). Does anyone know? I should paid more attention to the bsc options when they announced the $2 deal.