Eastern Field Developments’ play for Finders Resources is failing to gain traction, with more shareholders pledging their support for the ASX-listed copper miner.

Finders (ASX:FND) said “shareholders’ comprehensive rejection of the offer has been overwhelming”.

Shares slipped 1.1 per cent to 23.3c shortly after market open this morning.

FND shares over the past six months. Source: Investing.com
FND shares over the past six months. Source: Investing.com

Shareholders, including the company’s second largest investor, collectively holding a 37.58 per cent stake have told Finders they do not intend to accept Eastern Field’s 23c-per-share offer.

Eastern Field has so far only increased its stake by 0.4 per cent to 19.84 per cent. The company is a consortium comprising Provident Minerals, Indonesian investment firm Saratoga and Indonesian copper-gold miner Merdeka.

“This means that since the offer opened on 20 November 2017 until 12 December 2017 — a period of 22 days — Eastern Field had not received one single acceptance to its offer,” Finders said.

Earlier this week, Eastern Field told shareholders to “defer consideration” of Finders’ latest target’s statement because it contains “material omissions and misleading statements”.

Of particular concern to Eastern Field is “the manner in which the target’s statement deals with the production problems which Finders is currently experiencing” at its Wetar copper mine in Indonesia and “the information provided in relation to recoveries”.

The consortium previously flagged concerns over production and cost guidance downgrades since its $178 million bid was announced in October.

Eastern Field is writing to Finders requesting clarification of a number of statements and that the company provide more information to shareholders.

The takeover offer was due to close on December 20, but has now been extended to January 19.