NOK data by YCharts
Recent rumors have indicated that Samsung would be the buyer of NOK. However the deal is certainly not a done deal. In addition to Samsung, other companies that might have interest in NOK include Facebook (FB) and Microsoft (MSFT). Facebook could be interested if the company decides it wants to create its own mobile phone to compete with the Apple (AAPL) iPhone. Microsoft could be interested because NOK makes phones that run on Microsoft's Windows Phone software.
While it would make sense for NOK to be acquired, it does not mean it will happen. If no takeover materializes soon, NOK shares are likely to revisit their 52-week lows reached last week at $2.61.
I believe the best way to play NOK using options is to buy calls. By buying calls, investors are exposing themselves to upside if a deal occurs but limiting risk if no such deal materializes. I believe buying July or October makes the most sense.
Investors looking to speculate on a NOK takeover should buy call options instead of stock.