Let's say I have 100 $15 call contracts for NYSE: GPS (Gap Inc) that expires sometime next year.
Hypothetically, if the company were to announce a leveraged private buyout of the remaining shares at $30/per share - what would happen to my current call contracts?
Would I get fairly compensated from my broker as if I had held genuine shares of the company, as opposed to a derivative instrument? Or would I need to liquidate and exercise my options beforehand or else risk a complete loss?