As Gen-Probe Incorporated Suitors Pull Out, So Do Options Traders; Novartis AG Reported to be the Last One Standing

Gen-Probe Inc. takeover speculators got crushed in the options market Monday, as new doubts arose that the medical-diagnostics company will be acquired. Traders closed out bullish positions in call options granting the right to buy the San Diego firm's stock while others scooped up those options for a fraction of their previous value as prices sank Monday. The action comes after The Wall Street Journal reported that most potential suitors have dropped out of the bidding for the company.

Back to news