Whenever there is a buyout, the probability of the buyout being consummated will be reflected in options pricing. At no time did the strike price (of in the money options) plus premium come close to $77. So forget about a buyout- it won't happen. But longs can re-enter at the $57 range.
Maybe you should rethink that. The $77 offer isn't binding. If QIHU tanks to 50 they can come back with a $60 offer. With Insiders holding almost 24% and Instititions (some close to Management) having about 60%, do you really think there will be much resistance?
Don't be a sucker; if $77 was ever going to happen the LEAP premiums wouldn't be so out of whack.