I would think that Teck would then start to sweat a little then, which leads me to believe that Teck has not gave Elmer an offer or the offer might have been very low.

Being the conspiracy theorist that I am, I suspect the protracted selling and fairly blatant attepts to contain the CUU share price has been a strategy of the very well heeled Teck and their surrogates

In total dollars, it doesn't amount to a hill of beans for Teck

I suspect their game has been to try and come in with an offer based on a premium to the current share price, and it may be that Elmer has sniffed that out and is trying to put other forces in motion

YMMV.....