"This is done according to recent reports. Arizona is technically already held in a shell companies."

Yes, the AZ properties are most likely held by a US registered company, but it is a wholly owned subsidiary of CUU; in other words, CUU owns this company and all its assets. These AZ assets or the company must be acquired by a new CUU2 for it not to go to Teck if Teck decides to buy out all CUU shares.

"Pretty sure it doesn't have to all be given out as a dividend since we would also be recieving shares in CUU2.."

If Teck buys all outstanding CUU shares with cash or Teck shares, there is no dividend involved. The cash would go to individual shareholders like you and me, not to the company CUU. So CUU2 would not have any cash from the buyout, except the cash that it may acqurire from the current CUU before the buyout.