Mercantile further extends offer period for BRL takeover bid to Feb 28
In an update regarding Mercantile OFM’s acquisition of up to 50 per cent of the issued shares in Bauxite Resources Limited, the miner announced that Mercantile has increased the bid consideration to 11 cents from the earlier 9 cents for one of every two of its shares. Further, it has extended the offer period to 7 pm (Sydney time) on February 28, 2018.
Mercantile OFM would be required to pay a sum of $2,045,530 (Additional Consideration) for the shares of the bauxite mining company if Mercantile OFM acquires 50 per cent of all BRL Shares on issue in which it does not have a Relevant Interest, the first bidder’s statement stated.
In the last circular, however, Bauxite Resources had advised its shareholders not to take any action in relation to the offer until the Board of Directors had given them any formal recommendation.
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