Sonic Takeover Yields a 660% Profit for Options Investor

(Bloomberg) -- One Sonic Corp. options investor appears to be locking in a 660 percent gain on the October $40 calls after Inspire Brands announced it would acquire the restaurant company for $43.50/share.

That options trader, who apparently paid 45 cents for 2,000 of the October $40 calls when shares were trading at $33.29 on September 7, appears to have sold the position for $3.42 per contract as Sonic shares jumped as much as 23 percent today.

While 2,000 contracts may not represent a huge position among large institutional investors, it did make up about 20 percent of total open interest in the Sonic restaurant chain.

To contact the reporter on this story: Gregory Calderone in New York at gcalderone7@bloomberg.net

To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Steven Fromm, Will Daley

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