Teck has one shot at a fair offer. Given the current agreement, they know what a good deal this is for them. Of course they want to pay as little as possible, but they also know that it has to be fair or they lose the property to a higher bidder.

All that said, they not only have to come up with a price that serves them ... and a price that serves CUU, but an explanation for the numbers, and all the salient points to their argument to back it up, and to convince CUU to take the deal.

A very, very, fine line indeed that they must walk to present their case and prevent this from slipping away.

I'm thinking they are delaying as much as they can to put together their offer, and strategize it's presentation.

When that comes to fruition, I believe everything will be thrust upon us at once negating the 120 days.

Delay aside, there has to be an agreed upon back room deadline between the two parties to get it done.

Responsibility to shareholders doesn't give anyone permission to prolong this beyond a reasonable time period.