I'm probably of the minority here, but I still believe this will finish in 2013 rather than this year (though I hoped it would finish this year). Perhaps I'm overcompensating for being optimistic earlier. My reasoning is that of all the ways this plays out, a lot of options and even likely ones (IMO) lead to early 2013. That said - I expect that even by the end of 2012, our current SP and SP then will be different even if it's not totally finished. Refer to my timeline post:

http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/542187-timeline/messages/1709938#message

The main reason is because, unlike others I think that Teck will use at least half of their 120 days after BFS is dropped. Then there's the whole voting process and counter offers process. Again, if we have an initial offer, our SP should rise to around that level and trade around that range, however if you're going to stay for the last penny - you get diminishing returns.

For example - let's say we have an offer for $5 (~$2B) and another offer for $5.50 ($2.2B), the increase if you had just sold at $5 is only about 10% which you may be able to find somewhere else, especially if you're buying during tax-loss selling time in around the same timeframe while still having a position for further growth elsewhere. A 10% increase at the time is somewhere around 200million dollars more which is currently almost half our market cap. So unless the process is a lot faster than I imagine it to be, I can see this dragging out - but having the option to sell at a still reasonable price (at least with my position size, those of us with a million shares may have to wait to the very last paper is signed).