I don't think ES or EE is capable of responding to a possible takeover. They have allowed Teck to run roughshod over them for 10 years. They would have to get their ass in gear and ramp up any ROFO scenarios. I still think they want to see the meta studies before deciding upon fair value. With all this buyout commotion Teck might put everything on the back burner until it is resolved one way or another. The deadline for Glencore is April 25. The next day the Teck shareholders vote on splitting the company. Does anyone really think something will happen "soon"?