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One investor wants to turn time into money with Robbins & Myers.

The Ohio-based industrial, which provides fluid-management systems, disclosed this morning that it has accepted a $2.54 billion purchase by National Oilwell Varco. The deal included a 28 percent premium, and the shares are skyrocketing today.

optionMONSTER's tracking systems detected the sale of about 2,700 October 60 calls for $0.10 and almost 3,200 October 55 puts for $0.10. There was barely any open interest at either strike before the volume appeared.

While it's not clear that all the trades were matched up, it appears that one or more traders were selling strangles in the name. They would collect credits of $0.20 and look for RBN to remain between $55 and $60 through expiration. If it does, the options will expire worthless and the traders will keep the credit.

RBN is up 27.14 percent to $59.50 in morning trading. It's still slightly below the $60 purchase price, but that is normal when an acquisition has several months before its expected completion date.

Overall option volume in RBN is 80 times greater than average so far today.

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