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Finders: Rejection for Eastern Field's takeover bid gains traction

Finders Resources Ltd. said Dec. 12 that more of its shareholders have expressed intent to reject the takeover offer tabled by Indonesian consortium Eastern Field Developments Ltd.

Shareholders owning total stakes of 33.19% plan to reject the offer of 23 Australian cents per Finders share, as the miner earlier recommended in its target statement. This shareholder group includes major Finders shareholder Taurus Funds Management Pty. Ltd., with an 11.31% stake in the company.

Eastern Field said it has a 19.8% relevant interest in Finders, backed by Finders shareholders Procap Partners Ltd. and PT Saratoga Investama Sedaya Tbk. As of Dec. 8, Eastern Field received acceptances for less than 1% of Finders' outstanding shares.