Mercantile takes a bigger chunk of Bauxite Resources, but is still a long way from 50pc
Pic: Schroptschop / E+ via Getty Images
The battle for control of Bauxite Resources continues with Mercantile Investment again increasing its stake in the junior explorer.
Seven months on and Sir Ron Brierley’s Mercantile (ASX:MVT) still only owns 17.8 per cent of Bauxite (ASX:BAU), up from 16.5 per cent previously. The predator only wants 50 per cent.
Despite shareholders recently voting against the proportional takeover bid, Bauxite legally had to allow the transfers for the acceptances made so far.
Mercantile launched an initial bid of 9c per share in November last year and later increased it to 11c per share.
Bauxite, however, keeps telling shareholders to reject the offer.
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