FAR the book, page-50

Have I got this straight?
1) So we can either preempt or not.
2)a)If we choose too preempt (self funded) we either split the cost with CNE or we need to raise the whole amount if CNE Decides not to.
2)b) if we preempt (funded by another large oil company wanting to buy COP SHARE), CNE still has option to pay part in that deal, however when we decide to onsell to the larger company, CNE Has another option to preempt on that transaction also. Although I'm not sure why they would unless WPL might use it as a counter offer) HOW LONG XOULD THAT GO ON? Could this facilitate a bidding war? As each JV preempts eachother?
3) if we don't preempt, CNE might still prempt in which case, they would need to raise the full amount.