What happens to MER long term options if takeover complete

I shorted some MER 15$ put expire 2010,

do the holders of the puts only able to excercise, or the put can be converted to BAC put
 
what if i have 2010 mer 50 Strike i gues they are worthless now
Bif 0.02 Ask 0.20 :(
should had sold it at $2.00 when some one from ET warned me GET the Fuck out of IT
 
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