EFD extends Finders offer after surge

EASTERN Field Developments has had a last minute surge of acceptances in its takeover bid for troubled Indonesian copper miner Finders Resources, but six months after making its intentions public it still only holds one-third of the company.

EFD extends Finders offer after surge EFD extends Finders offer after surge EFD extends Finders offer after surge EFD extends Finders offer after surge EFD extends Finders offer after surge

The EFD consortium – Provident Minerals, Saratoga Investama and Merdeka Copper Gold – launched its 23c takeover offer last November and since then moved from 19.8% to 27.41% with a number of acceptances over the past fortnight.

This morning EFD told the ASX that 33.76% of shares were now under its control.

The hostile, now unconditional, A$178 million cash takeover offer has also been extended another week to March 23.

EFD is still waiting on a formal response from Australia’s Takeovers Panel to its application for a ruling on Finders’ statements around levels of copper cathode production, actual recovery levels of copper cathode and levels of working capital it argues are inaccurate.

EFD also argues that Deloitte’s independent expert’s report was overly optim...