If Teck does indeed decide to take CUU over I would anticipate that Ernesto would prefer an all cash offer as opposed to Teck shares. This is only my opinion though so I could very well be incorrect.

A few quick calcs based on a $3.00 (conservative) takeover price and 375MM shares of CUU outstanding.

$3.00 x 375MM = $1,125 MM Market Cap for CUU which would be the required amount for an all cash offer.

Ernesto has approximately 56% (211/375) ownership of CUU, excluding options and warrants for simplicity sake. He would receive ~$630MM in cash under an all cash offer.

50% Teck Shares (assuming $40/share for Teck)/ 50% Cash:

50% x $1,125MM = $562.5MM in cash

$562.5MM / $40 = ~14MM shares of Teck exchange for the other 50%

Ernesto would receive 7.84 million shares of Teck and $315MM in cash

100% Teck Shares (assuming $40/share for Teck)/ 0% Cash:

$1,125MM / $40 = 28MM shares of Teck exchanged for 100% of CUU

Ernesto would receive 15.68 million shares of Teck and $0MM in cash