Would Teck really need to opt in for a percentage if they just made an offer for 100% of CUU?

What if their offer is rejected due to a better offer? They have to make a decision within that window of 120 days. ie Teck makes a buyout decision at day 100 and is endoresed by the CUU BOD. Day 119 comes along and another Major bids 10% higher than Teck. Teck then has one day left to make a bid higher than the last bid and also hopes nobody else outbids that last bid otherwise they will be put into a bidding war or else lose the entire property. Somehow, I don't think Teck will want to be put into this position.