Hi Golfyeti
I better respond point by point
bbay, your are changing the subject. I never said one suitor is better than many. I said that buy-out negotiations is more material than known BFS info.
I started my previous response by quoting you. This was not changing the subject. It was always about the BFS being delayed. If you believe that Teck stopped the BFS release for negotiations and assumed it was for the greater good then you are saying that one suitor is better than many.
I stand by my beleif that it is permissible to hold back the release of material information if its release would jeopardize a more material development like buy-out negotiations. The end game is more material than a report confirming/enhancing a PFS, justifying the the delayed release of BFS info.
I am not sure how you can even say this. You are supposing that there is a negotiation that will be more material than multiple negotiations. You may well be right but you cannot assume this. You then counter this in your next point by saying that if the negotiations break down we can threaten to shop ourselves around....Why not just do this at the start. This way it is not a threat but a legitimate move.
If Teck ultimately does not produce an offer that CUU Management thinks they could get in an "Auction" or "bidding war" then they threaten Teck to break off negotiations and shop themselves around. Teck's goes hold on, hold on, we play fair and here's pretty much what you want and why don't we continue working so productively together?" (spinco agreements)
Besides, Elmer has indicated that he has conversations with other suitors, Chinese, Indians, South Koreans IIRC. So there is nothing holding them back from having discussions with these other suitors while Teck makes various overtures. You have no idea how busy they may have been lately with material information in hand.
And finally you make the point they are already talking to other suitors!!!!! So Teck can negotiate on the inside track and the others do what exactly???
Look, this started off as a genuine interest in an opinion someone offered. It has now escalated to something else. I actually want to agree with what you say and I trust that despite their shortcomings in the last week that the board will be able to get us the best deal. Someone suggested that the BFS was ready and deliberately held back by Teck. I just didn't see how condoning the delay in the BFS would help anyone other than Teck and I had hoped that someone could provide that insight. I am still waiting...
Regards
bbay
