Sun Microsystems, Inc. (JAVA: sentiment, chart, options) may have been the target of an unusual option play on Thursday. At 11:27 a.m., several blocks totaling 4,800 July 9 calls traded at the bid price of $0.23, suggesting they were sold. At the same time, the same amount of August 8 calls traded at the ask price of $1.31, implying they were bought. Both blocks were marked "spread."

At first I thought we may have stumbled upon a diagonal spread, but that strategy usually consists of selling a front-month call and buying a higher-strike call in the back-month series. After further research, though, it seems the spread strategist could be initiating an unconventional acquisition-related play.

In April, Oracle Corporation (ORCL) offered to buy JAVA for $7.4 billion, or $9.50 a share, with the deal expected to close sometime this summer. With the shares of JAVA currently flirting with the $9 level, the aforementioned investor could be betting on a near-term dip; the trader could pocket the premium from selling the July 9 call if the stock closes beneath the $9 level at July expiration.

The $0.23 received from the call sale would then help offset the $1.31 paid for the bought back-month call. By purchasing the August 8 call, he may be anticipating the deal to go through as planned, sending the shares of JAVA to the $9.50 level, and placing his option in the money.