it depens on the price and the call. if you have like me jan 2014 $5 calls that cost me 1.50 then anyting over 6.50 is a break even for me. So if they get bought out monday at 15.00 then the $5 calls are worth 10.00.
calls or puts are worth dollar for dollar over the strike price,
thats the very very basic then you have the beta, theta and a few other metrics. but basiclly you want the price of the stock to be above the options price. and yes it happens right away.
but really before spending that much money on opitons you need to know how they work.