[nemo44x]

Indeed about the put/call parity. Or, you simply buy puts at a different strike and take on some risk. But yeah, you'll probably spend some money to "lock up" this deal.

And you're right, options generally take some time to begin trading - especially if the volume is low on the common stock anyhow.

Another method if you can is simply short the stock as soon as you like the price. Then replace the stock when your stock is freed up. Naturally this requires margin and problem that you could get margin called if the stock goes through the roof! Hedge with calls then that are way out of the money then too.

Also, there's the issue of shorting your own company!

[crito114]

Indeed, most companies have insider trading policies that prohibit taking short positions.