Four months on and Sir Ron Brierley’s Mercantile Investment Company still only has a 16.5 per cent stake in Bauxite Resources.

Mercantile is only after half of Bauxite’s (ASX:BAU) shares, which the target says is not a good deal despite an increased cash offer of 11c per share being declared fair and reasonable by independent expert, BDO Corporate Finance.

The suitor previously declined to comment to Stockhead on whether it thinks it will be successful in its bid, saying only that it’s “in the hands of shareholders”.

Mercantile launched its initial bid of 9c per share in November last year. The offer was recently extended to April 30.

Shares closed up 1.7 per cent at 6.1c on Thursday.

BAU shares over the past six months.
BAU shares over the past six months.