CDSs on Cardinal Health (CAH) widen

As mentioned here, price action in CAH CDSs indicative of an imminent LBO: http://www.zerohedge.com/article/lbo-cardinal-health-imminent#comment-677815

Great arb with a great chance of making money no matter what happens would be to pick up Dec or Jan calls with IVs below 30%, and short some CDSs against it.