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Finders asks shareholders to reject now-unconditional Eastern Field takeover bid

Finders Resources Ltd. reiterated its recommendation to shareholders to reject the "opportunistic offer" from Eastern Field Developments Ltd. after the latter declared it unconditional.

Eastern Field said Feb. 14 that five months after announcing its takeover offer of 23 Australian cents per share, it is still the only bidder for Finders, despite the latter's search for "a white knight suitor."

Finders noted that according to the independent expert, Deloitte Corporate Finance Pty. Ltd., the company's fair market value is from 31 cents per share to 35 cents per share.

Eastern Field currently holds a 24.91% stake in Finders, and the offer is scheduled to close Feb. 28.