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Finders directors admit defeat in hostile takeover by Eastern Field

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Finders directors admit defeat in hostile takeover by Eastern Field

The independent directors of Finders Resources Ltd. on March 19 urged shareholders to accept the takeover offer from Eastern Field Developments Ltd. after the latter successfully took control of Finders with a 60.22% stake.

Finders has been rejecting the offer since it was announced in October 2017.

Eastern Field also declared its takeover offer of 23 Australian cents per share to be final. It remains open until March 30.

"Although the Independent Directors are disappointed and believe the offer price does not reflect fair value for Finders shareholders, the fact that Eastern Field now has a controlling interest in the company means shareholders should seriously consider accepting the offer before it closes on Friday, 30 March 2018," Finders Managing Director Barry Cahill said in a March 19 statement. "There are significant risks associated with being a minority shareholder and we would urge all Finders shareholders to carefully consider those risks now, in order to leave sufficient time to accept the Offer if you wish to do so."