Shareholders of Bauxite Resources have shown their support for the company, with the majority voting against the partial takeover attempt by Mercantile Investment Company.

Sir Ron Brierley’s Mercantile launched an initial bid of 9c per share in November and later increased it to 11c per share — but so far it only has a 16.5 per cent stake.

The partial takeover was put to a shareholder vote at an extraordinary general meeting held by Bauxite (ASX:BAU) on Friday.

Most of the suitor’s shareholding has been bought on-market and has not been through acceptances from Bauxite shareholders, Bauxite chief Sam Middlemas told Stockhead previously.

Bauxite wants Mercantile to make an offer for the whole company, instead of trying to act as a “liquidator” by taking only half.

Shares remained steady at 6.1c on Friday.

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