JOHANNESBURG (miningweekly.com) – The largest shareholder outside a group of shareholders bidding for Finders has indicated that it will not accept an offer price of A$0.23 a share for the copper miner.
Taurus Funds Management manages 87 339 525 Finders shares, or about 11.31% of the company’s shares on issue, making it the second largest shareholder after the bidder consortium, known as Eastern Field Developments.
Taurus has indicated that the offer price does not reflect the fair value of Finders shares, Finders said in an update published on the ASX.
On November 17 when Eastern Field published its replacement bidders statement, the consortium had a 19.8% relevant interest in Finders. The copper miner pointed out that it was required to be notified of any changes of 1% or more in its relevant interest in Finders shares and, that it had not been notified of any changes.
“Finders can only assume that at the close of business on Tuesday, Eastern Field had received acceptances for less than 1% of the Finders share since the offer opened on November 20.”
Finders has recommended that shareholders reject the offer, which closes on December 20.