Why Teck Resources Shares Are Seeing Blue Skies Monday

Teck Resources Ltd Class B TECK shares are trading higher by 18.58% to $43.28 Monday afternoon after the company's board of directors rejected the unsolicited acquisition offer from Glencore.

Teck Resources says, consistent with its fiduciary duties and in consultation with its financial and legal advisors, the company's Board of Directors has conducted a detailed review and assessment of the unsolicited proposal.

On the recommendation of the independent Special Committee of the Board, the company has determined that the proposal is not in the best interests of Teck or its shareholders.

“The Glencore proposal would expose Teck shareholders to a large thermal coal business, an oil trading business and significant jurisdictional risk, all of which would negatively impact the value potential of Teck’s business, is contrary to our ESG commitments and would transfer significant value to Glencore at the expense of Teck shareholders,” said Jonathan Price, CEO, Teck.

According to data from Benzinga Pro, TECK has a 52-week high of $46.90 and a 52-week low of $24.72.