
Mercantile OFM Pty Limited, a Melbourne based investment company has announced that further to the bidding announcements made in November 2017 by them for Bauxite Resources Ltd, they have completed sending its bidder’s statement, offers and supplementary bidder’s statement to shareholders of Bauxite Resources Limited in relation to its off-market takeover bid for the shares in BAU.

Mercantile OFM Pty Limited is a wholly owned subsidiary of Mercantile Investment Company Limited, Australia. The Bidder’s statement explains the off-market takeover offer to the BAU shareholders to acquire 50% or less of the issued ordinary shares in Bauxite Resources Limited. The Bidder's Statement was lodged with the Australian Securities and Investments Commission yesterday.
In November, the chairman of MOFM, in a letter addressed to BAU’s shareholders, proposed a termination of the Company’s present Joint Venture and exploration activities. He further confirmed that all the company’s fixed assets would be sold andafter payment of liabilities, the remaining funds to be distributed to shareholders.
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