Eastern Field Developments Ltd. said Dec. 12 that it is extending its takeover offer of 23 Australian cents per share for Finders Resources Ltd. from an initially scheduled close of Dec. 20 to Jan. 19, 2018.
According to the Indonesian consortium, a statement released by the company to its shareholders recommending the rejection of the proposed acquisition contains material omissions and misleading statements, including the manner of discussion concerning the production problems Finders is experiencing. Eastern Field urged shareholders to defer their decision until clarifications and further information are made available.
Finders said Dec. 13 that 37.58% of its shareholders have informed the company that they will reject Eastern Field's takeover offer. The company said Eastern Field had received acceptances equivalent to less than 1% of Finders' shares as of Dec. 11.
