PERTH (miningweekly.com) – Takeover target Bauxite Resources on Thursday told shareholders not to take any action regarding a proposed takeover offer from Mercantile Investment Company.
Mercantile on Wednesday announced its plans to make a proportional takeover bid for half of Bauxite Resources, flagging its intent to halt exploration and to divest of the ASX-listed company’s assets.
Bauxite Resources told shareholders that the board was considering a response to Mercantile’s announcement.