It's an interesting one. For it to end up going to court either both parties must think they have a case, or a settlement was offered but they it was nowhere near what was wanted. Given that it is one day that is being argued about I bet the issue is timezones, with Teck exercising on the 40th day (I think it was 40?) in North America rather than Australia.
It'll come down to whatever the terms of the first rights agreement were with Teck originally vs what Rox communicated to MZN after MZN submitted their offer.
Ann: MZN: Litigation Update, page-3
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