I bought into the December 12,50 strike calls upon news of the buyout in hopes of appreciation due to the CVR being undervalued here and the potential of another bidder. The question is if they dont get another bid and I want to have the CVR what should I do? I dont have enough money to pay for 10000 shares of the stock
You wait until the strike date or merger date (whichever happens first) and if you are in the money (no reason to be not , as floor is 13.50) your calls will be automatically be bought out via your brokerage account and "difference" credited. You will get 10k (13.50 - 12.50) less any commissions.