Good post, Mantical. Your theory would possibly help explain delays to date, or perhaps it truly is a matter of the BFS being so voluminous that it is taking more time than the parties anticipated to review it thoroughly (although if they truly were down to just the economics portion of it, as indicated on this board by AG members who said they talked to Elmer, then you have wonder what the heck is taking so long).

But let's say your hypothesis holds true. What do you expect to happen when the BFS is released? After all, the company has a fiduciary duty not to withhold documents, unless it is going to announce a buyout.

CUU management cannot sit on the BFS for several more months because negotiations with Teck are not going as well as hoped, IMO.

So, even in a down market and even if interest among other majors isn't optimal -- that said, a good deal of M&A activity does take place when there's been a downturn -- I think management has a responsbility to fly that BFS publicly and see what sort of interest it generates as Teck stares at the 120 clock.

In the end, we may have to wait because EE decides the offers are too low. Like you, I don't want to accept a paltry sum, but the company can't let matters go unaddressed indefinitely.