"Options trading activity was more than eight times the normal level ahead of the deal`s public announcement.
The developments were noted with dismay inside Fortress, where the share price appreciation was eroding the premium that its founders would be able to boast SoftBank was paying over the prevailing market price.
The $8.08-per-share takeover price, announced after the market closed, compared to $5.83 at the start of the day but only to $6.21 at the close of trading.
A trader or traders in the options market made an estimated profit of 400 percent betting on a big move in Fortress Investment Group shares on Tuesday, just hours before the private equity firm announced a $3.3 billion takeover offer from SoftBank.
Equity trading volume was also unusually high on Tuesday, spiking initially in the minutes before the first options trade and then continuing through the afternoon as speculators noticed and then aped the activity.
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