"...What if, Teck's offer is not acceptable and CUU elects to approach other interested parties? The low profile approach could backfire for CUU with other parties."

I agree with what you're saying. Strictly speaking, CUU should take a more agreesive approach to protect its own interest. But if you put on CUU management's shoe, from their perspective, it may look slightly different. CUU bought the property (indirectly) from TCK and the intent of the Agreement is for both parties to work together for their mutual benefits, and not as adversaries. CUU mangement would give the benefit of the doubt to TCK and try to work with them as partners and fulfill the spirit of the Agreement. Of course, if things don't work out, like you said, CUU can then go to plan B; there is no need to show the Foxes teeth until it is absolutely needed. I believe that would be a pretty normal approach for any prudent management. JMO