Copper miner Finders Resources says a growing number of its shareholders have vowed they will not be wooed  by suitor Eastern Field Developments.

Shareholders who collectively own a 20.15 per cent stake have now told Finders (ASX:FND) they do not intend to accept the 23c-per-share offer, according to the company.

Finders’ share price was up slightly at 23.2c at midday.

FND shares over the past three months. Source:
FND shares over the past three months. Source:

This follows close on the heels of news that Finders’ second-largest shareholder Taurus Funds Management, which owns 11.8 per cent, would not be accepting the takeover offer.

So far, shareholders that collectively own 33.19 per cent have promised to stand by Finders.

Eastern Field is Finders’ largest shareholder with a 19.8 per cent stake held through Provident Minerals, Indonesian investment firm Saratoga and Indonesian copper-gold miner Merdeka.

The consortium is not happy with the issues Finders is facing at its Wetar copper mine in Indonesia. Eastern Field previously flagged concerns over production and cost guidance downgrades since its $178 million bid was announced in October.

As of December 8, the suitor had still only received acceptances for less than 1% of Finders shares.

In the wake of Taurus’ decision not to accept the offer, Eastern Field decided to make its offer conditional on achieving a shareholding of more than 50 per cent instead of 90 per cent.