Galilee said that shareholders“overwhelmingly” rejected Mercantile's offer at a general meetingheld on Tuesday.
Mercantile had proposed late last yearto buy up to one of every two shares held by Galilee shareholders fora cash price of A$0.15 (US$0.13) per share which, at the time, it saidrepresented a 15% premium to Galilee's previous closing price beforeit launched its offer on 21 October.
In December, Galilee's board sent aletter to shareholders advising them to reject Mercantile's offer,claiming it was only 3.75%
