EFD and Finders dig in

THE battle for control of troubled Indonesian copper producer Finders Resources has intensified, with claims the miner has lost crucial support in the local community, while the Australian Securities Exchange has refused to release Eastern Field Developments’ rationale for extending its so-far largely unsuccessful 23c offer.

EFD and Finders dig in EFD and Finders dig in EFD and Finders dig in EFD and Finders dig in EFD and Finders dig in

On Friday the ASX issued a statement confirming EFD had extended its bid until March 16, but refused to publish the reasons provided saying the accompanying letter was unacceptable.

The notice EFD issued makes a number of claims that sources close to Finders described as “misleading”.

EFD, which is controlled by Provident Minerals, Saratoga Investama and Merdeka Copper Gold, said it would extend its now unconditional $178 million cash offer by another two weeks, once again calling on Finders to come clean on what it claims are factual errors in the target statements and address “a lack of basic disclosure”.

With no satisfactory answer coming from Finders EFD will now seek a ruling from Australia’s Takeovers Panel.

EFD repeated its concerns over Deloitte’s &quo...