If you own the calls you would sell them for profit and no CVR or you would convert to stock and pay for the shares at the strike price and get CVR's, you have to own stock to get CVR. BO would take like 6 months to close and once price is set options don't really sell at much premium especially as the date to close the deal gets closer.
Depending on what you did you may not be able to afford the stock and have to sell some calls and buy some shares but you only get the CVR if you own the stock at closing of deal.
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