Based on the recent chart, IOC has a lot of support around the $51 area. Also some support in the $53 range. The options MM is pricing and hedging for delays through July now IMO. I have been looking to add but I will now wait for anything under $50 before adding, maybe very low $50 range.
I think the price action and options action is very obvious - no news at AGM, further delays on deal news. That means short term selling until we reach recent support levels. These delays could mean a gift for longs adding here as it might well be the last dip before big news.