Definitely ... but the Buyout was announced on day post Options Expiration! .. ah ah ah
Open Interest for May 17 5$ calls was >18k ... Position initiated during the first Week of May. Unfortunately the Buyout was announced on the 20th of may. Curious to know is the buyer exercised the option on Friday ... and bought 1.8m shares (for 9m USD... AND and sold them on Monday for 12.6m USD). He had to come up with 9m.
BTW .. IMO ... a textbook example of Insider Trading: look at the Open Interest over time:
Disclosure: I am long PACT.
Additional disclosure: I entered the trade simply because of the trading activity just presented!