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.
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