As noted this morning, I just don't think Rupert Murdoch will be easily persuaded to 'go away' and drop his bid for Dow Jones (DJ). Bloomberg wire is quoting famed money manager Michael Price as saying DJ could ultimately end up being a $100/sh deal. One big problem with DJ options is that spreads are wide. I'm in June calls, hate the spreads, but willing to see what happens. If the mantra grows that Bancrofts will n ever sell, then I will be hedging the June calls with some way out of the money June puts.
Faber on CNBC is reporting the DJ board is set to meet today. Will the scenario be 'rejection' based on Bancroft supervoting objection and then Murdoch coming back with a higher offer? Or will it be rejection and Murdoch walking away?
One other interesting rumor, the optionsdoggy site mentions that the latest chatter on Sunoco (SUN) is that Total (TOT) is interested and could pay $100, which would be a huge premium. I've already had a double in SUN calls this year and whether I go back for more (they sure are priced high now) remains to be seen.