Bauxite Resources Ltd. said March 23 that a proposed takeover bid by Mercantile OFM Pty Ltd. was rejected by over 99% of its shareholders in an extraordinary meeting held the same day.

The Mercantile Investment Co. Ltd. unit initially offered to buy 1 of every 2 fully paid shares of Bauxite Resources at 9 Australian cents apiece, but subsequently hiked the bid to 11 cents each.