The option market is betting that someone is going to buy Anheuser-Busch, according to one observer. The problem is, the option market has been doing that off and on for a while.
"If you look back at the option activity, the rumors regarding a possible buyer for Anheuser-Busch began around January of 2007," said Rebecca Darst of Interactive Brokers on CNBC's "Squawk Box." "And what we have seen is a sort of cyclical behavior among option traders, where they sort of gun for these 10 percent upside calls, volume would rise on these calls, the volatility would spike way up, and then nothing would come of the merger rumors; they'd just sort of dissipate until the next go-around."
This time, she said, traders seem to be focusing on InBev.
"Watching the option activity in Anheuser-Busch is a little bit like talking to someone who's had a few beers... 'You should merge with InBev... no, really, you should merge.. with.. InBev,'" she said. "The same theme that comes up, again and again. While we've seen an unusual level of volume in Anheuser-Busch options repeatedly over the past week and a half, two weeks, yesterday its options prices hit a five-year high. There's one reason for this, and it's speculation over the possible InBev merger, so this is not new."