You're missing the point. If we were bought out when TCK was at $30, and the amount of TCK for CUU shares got you $100,000 dollars worth of TCK shares, you would get 3,333 shares (Scenario A). If we get a Teck buyout when TCK shares are at $40, you get 2500 shares if your CUU for TCK shares still equals $100,000 (Scenario B). The amount your shares are worth the same, yes but you get more of them.

Now when you decide to sell the amount you have obviously matters. Let's say you think $40 is fair value for TCK and decide to sell then. In Scenario A, you sell all your shares for $133,320. In Scenario B, you sell them for $100,000. A difference of 33 grand. Let's say you decide $50 is fair value for TCK, in Scenario A you sell them for $166,650 whereas scenario B you sell them for $125,000. 30-40k difference, that's like a years salary for someone just starting to work and a pretty significant difference.