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What happens to a call option in a cash/stock acquisition?
I believe that your option contracts will become "non-standard" and will be for a combination of ACE stock and cash.  The allocation between stock and cash should follow that of the acquisition parameters of the underlying - probably with fractional shares converted to cash. Hence 1 call contract for 100 shares of CB will become 1 call contract for 60 shares of ACE + $6293 cash + a cash correction for the 0.19 fractional share of ACE that you would have had claim to get.  The corrections should be 0.19 sh x $62.93/sh.