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From: glass@houxf.UUCP (K.GLASS)
Newsgroups: net.invest
Subject: Gulf Oil and Options
Message-ID: <670@houxf.UUCP>
Date: Wed, 21-Mar-84 11:52:36 EST
Article-I.D.: houxf.670
Posted: Wed Mar 21 11:52:36 1984
Date-Received: Thu, 22-Mar-84 00:33:45 EST
Organization: AT&T Bell Labs, Holmdel NJ
Lines: 16

I am wondering about the future of Gulf options following a
succesful buyout by Socal.  (I guess this can be generalized to any
options written on a firm that is bought out before the excersize
price).

If I own July calls for Gulf, and they are bought out by Socal in
April, what happens to my options?  Are they transferred somehow to
Socal options?  If so, at what premium and strike price?  Are they
somehow executed immediately? 

I would appreciate receiving any informed answers.

Thanks

Ken Glass
houxf!glass