IMO, Under the Option Agreement, Teck gets First Right of Refusal upon delivery of the BFS which gives them the 120 days to either select buy-in of 20, 40,75 or 100% of CUU. If a price cannot be reached, then CUU should be free to consider other offers from other majors. Remember those famous words, "CUU only has once chance to do this right"? Well, Teck likewise, has one chance to give us a fair price, otherwise communication breaks down, then hello bidding war.

Of course, if by then they have not provided us with the Liard shares (giving the benefit of the doubt that we haven't received the shares yet because it was decided easier and more convenient to hold that off until after negotiations) then Teck better cough out those shares at the time of break down.