Bauxite Resources Limited has published its response to the Off-Market Proportional Takeover Offer by Mercantile Investment Company Limited.
The company has said in a release that it has come to know through an announcement to the Australian Securities Exchange dated 8 November 2017 that a wholly owned subsidiary of Mercantile Investment Company Limited, Mercantile OFM intends to make an unsolicited proportional takeover offer to purchase one of every two fully paid ordinary shares in Bauxite Resources.
According to Bauxite Resources those shares are not yet owned by the company. The Board of Bauxite is currently considering its response to the Announcement.
The shareholders are advised not to take any action regarding the announcement or any document received from Mercantile OFM in relation to the proposed proportional takeover offer. They are asked to wait until they receive the Directors’ formal recommendation. The board has assured the shareholders that they would keep them updated of any further development.