Info copy/pasted from a TD Waterhouse Action Note on Teck this morning:
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Unsolicited Glencore Takeover Proposal Rejected
Greg Barnes
Derick Ma, CFA, CPA, CA

Event
Teck announced this morning that it has rejected an unsolicited takeover proposal from Glencore plc.

Impact: POTENTIALLY POSITIVE

The unsolicited proposal contemplates an all-share acquisition of Teck by Glencore offering 7.78 Glencore shares for each Teck Class B subordinate voting share and 12.73 Glencore shares for each Teck Class A common share, which represented a 20% premium to the March 24 unaffected share price of C$48.21, or ~C$58.00/sh. Teck received the offer from Glencore on Sunday, March 26.

We estimate that the Glencore offer is equivalent to ~1.2x our Teck NAV and ~3.8x Teck's EV/2024E EBITDA (4.5x EV/2023E EBITDA). Glencore's offer is well below our current C$71.00 target price that is based on a 1.0x NAV multiple (weighted 40%) and 5.5x EV/2024 EBITDA (weighted 60%).

The  proposal  notes  an  intention  to  proceed  with  the  simultaneous  demerger of  Glencore's  and  Teck's  thermal  and  metallurgical  coal  businesses  as  well as  Glencore's  ferro-alloy  operations  into  a  new  publicly  traded  company.  The remaining company would include Glencore’s and Teck’s base metals operations as well as Glencore’s oil and other commodity trading business (other than coal trading and marketing).

Teck's rejection letter reveals that it and Glencore did hold discussions regarding a similarly structured transaction in 2020, but Teck's Board decided not to proceed - there have been no discussions between the two companies since then. Teck also noted that it has attempted to discuss with Glencore a possible JV between the QB2 and Collahuasi copper mines, with no meaningful engagement.

We believe that Teck's decision to publicly reveal its rejection of Glencore's proposal is a tactical move to ensure that it can manage the narrative with shareholders prior to the April 26 demerger vote on the separation of Teck's metals and coal businesses, rather than allowing Glencore to make a hostile move and potentially threaten the demerger process.

Teck's Chairman emeritus, Norman Keevil, has issued a statement supporting Teck's rejection of the Glencore offer, which is important given the Keevil family's control of Teck's multi-voting Class A shares. At this point, this suggests to us that there is no "For Sale" sign on Teck.