I agree fleeing...there are some wild cards in the mix that could pop CXB's value and force BTO to execute a takeover at higher numbers than the ones I was using (e.g. as you mentioned, the "swarm of porphyries" theory is proved out by BTO at Primavera, and sooner rather than later when BTO may hold a larger interest in Primavera...the Alder-CXB jv at Rosita hits good results, boosting CXB's value...the general risk appetite in the markets for junior resource companies increases and some of these juniors with promising properties get valued higher than the pennies they are trading at currently).
And, as you mentioned, large institutional shareholders are not likely to willingly tender their shares to undervalued takeover offers when those shares were acquired at higher prices...although stranger things have happened in the past during financial calamities...and, unfortunately, we cannot be sure that the politicians in Europe and/or the USA do not push us into another one of those this year.
But, the risk remains that, in the absence of such share price and value catalysts, CXB is now twisting in the wind at the mercy of BTO.
The details of the new formal Joint Venture Agreement currently being negotiated between CXB and BTO, when they are made known, should illuminate the situation further.