The lack of interest being seen here indicates to me that June 4th is going to be a dud.

Many investors are still on the side lines waiting to see if Teck is opting or not, even if it seems so obvious at this point 115 days in.

I would perceive any delay as a strong indication that a deal is being worked on.

Of course if negotiations are not finished before June 4th the company should communicate it and let the market read between the lines.

That would probably generate a double pop.

1) The confirmation that something is going on and that Teck is interested (easing the nervous who would start buying back, converting the non-believers)

2) The actual news release (Teck decision) that would eventually come.