Taurus Funds Management Pty. Ltd., Finders Resources Ltd.'s largest shareholder outside of the bidding consortium with an 11.31% stake in the company, will not accept the takeover offer of 23 Australian cents per share from Eastern Field Developments Ltd.

According to the Dec. 7 release, Taurus considers that the offer price does not reflect the fair value of Finders' shares.

Eastern Field, which has a 19.8% relevant interest in Finders, had received acceptances of less than 1% of Finders shares by Dec. 5, the company noted.

Earlier during the week, Finders recommended shareholders to reject the "inadequate and opportunistic" takeover offer.