Buying Call options does not make the buyer responsible for paying dividends (unlike shorting the stock), and you also cannot collect dividends. Anyway, the quarterly divvy of $0.16 is small change to the current stock price of $49-50.
If you think that's good consider the ALTR 1/20/2017 50C ($50 strike price call options expiring 1/20/2017). As of last sight they were going for $3.23 which means that you make $0.77 if you invest $3.23 and hold until it expires at $4. The 2017 date gives plenty of leg room for the buyout to complete if you believe that there is a high probability that it will. Normally options are accelerated to settle in the same month that the underlying stock's buyout completes.
I scooped up a few at $3.20 and $3.00 last Friday.