An Australian federal court ruled that Eastern Field Developments Ltd.'s takeover offer to acquire Finders Resources Ltd. will end April 5.
Unless an appeal is made against the court's decision, Eastern Field will have an option under the Takeovers Panel's orders to acquire shares held by Taurus Funds Management Pty. Ltd. in Finders, equal to about 11.31% of its share capital, at the 23 Australian cents per share offer price.
Eastern Field will also have the right to compulsorily acquire outstanding Finders shares at the same price. If it does not exercise this right, it will need to make an offer to buy them, according to a March 11 release.
Additionally, the orders of the Takeovers Panel require Taurus to compensate Finders shareholders who acquired shares through on-market acquisitions at more than 23 cents from Dec. 7, 2017, to March 19, 2018, estimated at about A$500,000.