Playing a little devils advocate.
When you make an investment, the way you make money is to pay the lowest price compared to its value, so the closer you pay to the true value the less of a return you'll be getting all else being equal. Let's take a look at this from Teck's point of view (i.e. the buyer). Perhaps there's little doubt in saying that SC is a solid asset, otherwise most of us wouldn't be here let alone STILL be here years later. The juniors in general are hit very hard and many are near their 52week lows, both good and bad stocks. Insiders hold a large portion which makes it very difficult, if not almost impossible to get a share premium or take advantage of these lows. However, other companies may be able to be taken over at these low levels - and therefore the buyer/investor is getting in at firesale prices. That leaves more room for return for them. Perhaps because we want something closer to full value, it's actually a less attractive investment for them.
You have two investments you could make. Both are generally the same level of risk. One asset is worth 2B and the other is worth less, say 1.5B. You'd likely want to be part of the first one, but if you have to pay say 1.5B to get in on the first one (Closer to fair value but leaving them some upside/wiggle room) and the other one you can get in at 0.5B...it's tough to say that the first investment is better or more likely to be bought. Perhaps we're in this sort of a situation. Where because of us having the ability to ask for more, we won't get more because our buyers other opportunities can actually be bought at a discount where as ours can't. If we were doing this in 2011, where other companies were at their highs - we wouldn't have this problem, but it's very well possible that we do have this problem now. I know there's plenty of companies I'd want out there at these prices and are likely takeover candidates - not because they're strong companies, but because they have strong assets with weak cash and can be taken over with simple premiums.
Add into the fact that it's difficult to even put a value on CUU and we can see why we might not be bought out. Backed in for sure, but to get an actual sale or liquidity event? Why buy something at full price when there are others at major discounts?
Obligatory: Not a basher, just throwing out an idea. A sale isn't as sure fire as we make it out to be given opportunity cost. Opinions?
