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Recently-established Indonesian copper consortium Eastern Field Developments has announced that its shareholding in Finders Resources is now over 50 per cent, making it the majority shareholder.
Indonesian group Eastern Field has taken control of Finders Resources, five months after announcing its takeover deal, which values the copper miner at about $177 million.
The Takeovers Panel has dismissed an application from Indonesian group Eastern Field Developments regarding its takeover target Finders Resources, with the panel determining that appropriate action has been taken by the company in relation to its Wetar project.
Indonesian group Eastern Field Developments has increased its stake in Finders Resources as the major shareholder pursues a hostile takeover of the copper miner valued at around $177 million.
Finders Resources’ largest shareholder Eastern Field Developments, which is currently making a hostile takeover bid for the copper miner, has submitted an application to the Takeovers Panel requesting the company disclose details regarding its Wetar project and revise the independent expert report.
Indonesian copper consortium Eastern Field Developments, formed last September in preparation for a hostile takeover of Finders Resources, has decided to make its bid unconditional, citing lack of interest from potential “white knight” suitors.
Finders Resources’ major shareholder Eastern Field Development has changed its hostile takeover bid of the copper miner to unconditional, with the Indonesian consortium continuing to raise concerns about the company’s Wetar project.
The board of Finders Resources remains firm on its rejection of a hostile takeover bid from Indonesian group Eastern Field Developments, after the major shareholder questioned the company’s supplementary target’s statement.
Indonesian group Eastern Field Developments has extended the offer period for its hostile 23-cents-a-share bid for Finders Resources, while also raising a number of concerns with the copper miner’s supplementary target statement.
Finders Resources has received the backing of some high profile Perth investors in its bid to reject a takeover offer, with Euroz’s Tim Lyons, billionaire Ralph Sarich and Brettney Fogarty among a list of shareholders that have indicated they will not accept the 23-cents-a-share bid.
Finders Resources’ largest shareholder, outside of Eastern Field Developments which is proposing a 23-cents-a-share bid for the company, will not accept the current offer and the copper miner said the bidding consortium has less than one per cent acceptance so far.
Finders Resources, the target of a takeover bid from Indonesian consortium Eastern Field Developments, has received the support of a major shareholder, Taurus Funds Management.
Finders Resources has urged its shareholders to reject a takeover bid from Indonesian group Eastern Field Developments after independent expert Deloitte valued the copper miner well above the 23 cents offer price, despite Finders’ share price continuing to hover near that mark.
Finders Resources has urged its shareholders to reject a takeover bid from Indonesian group Eastern Field Developments after independent expert Deloitte valued the company well above the 23 cents offer price, however Finders’ share price has continued to hover near that mark today following the announcement.
Finders Resources has released a lengthy target statement on the ASX this morning urging shareholders to reject the “inadequate” and “opportunistic” takeover offer made by Indonesian copper consortium Eastern Field Developments. The company, made up of large Indonesia operators such as Saratoga, Provident and PT Merdeka Copper Gold, offered a $178 million buyout in October for Finders Resources, in which it already owned a 19. (1-0)