Interesting story in The Australian’s Data Room today. Add in...

Interesting story in The Australian’s Data Room today. Add in the global market turbulence and 23c cash now must be looking increasingly attractive. Market seems to be agreeing this morning.
Cut and paste below.

China’s Fosun looks at Indonesian copper miner Finders
An arm of Chinese conglomerate Fosun International is understood to have taken a close look at launching a rival takeover bid for Indonesian copper miner Finders Resources, only to walk away from the plan.

Finders, which is subject to an 23c per share offer from an Indonesian consortium that values Finders at $178 million, has said it was talking with third parties over potential alternative proposals.

Fosun, advised on the potential bid by GMP, is believed to have carried out detailed due diligence into Finders — including visits to its flagship Wetar copper mine. The fact Fosun wasn’t willing to lodge a better offer will be encouraging for the Indonesian consortium, whose offer has so far struggled to make much headway.

Indonesian groups Procap Partners, Saratoga Investama Sedaya and Merdeka Copper Gold — working together as Eastern Field Development — started as Finders’ biggest shareholder with a 19.8 per cent stake. The takeover effort is now into its fifth month, but they have only managed to creep up to 24.9 per cent acceptance.

Eastern Field originally tried without success to sell its stake in Finders before launching its offer and would likely be open to accepting any rival bid higher than its own existing offer.

Euroz, which has long been a supporter of Finders, has now joined in on the Finders defence mandate. Finders was originally advised by Perth adviser Grey Egerton-Warburton.