Diluted bleach will stop it in it's tracks, but it won't get any lighter.
I would say it may slow it down. Dead in its tracks, not so much in my experience. Depends on when you catch it and other factors, like moisture content and temperature. Fresh cut timber in June, it grew 1/4" hair, pressure washed and bleached and it came back in a week. It turned out fine after it dried out.
