Quite apart from the fact that the market is such a cruel bitch, look at what has happened to the valuation of the Teck-B shares, which were recently down as much as 50% from their early 2011 high of $62 plus. I'm pretty sure that any buyout offer from Teck will include Teck-B shares. Any offer from Teck will surely reflect the decreased valuation in their own shares, i.e., if the value of those shares has dropped by 50% they are NOT going to offer twice as many shares (obviously I'm using approximate figures for illustration purposes).