you'd get an offer (or at least a chance) to execute from your broker. they'd still be tradable before expiration and/or purchase date (if buyout is before expiration) and your broker will probably execute on your behalf if you're still holding in-the-money options on the buyout effective date. If executed in a margin account, you might be able to execute without selling any if the amount of margin in your account is sufficient - otherwise, you'd have a margin call for the amount due to execute, and you'd have to sell some of the stock to cover. (You'd still keep some cash if your options are in-the-money, though.)
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