Finders Resources’ second-largest largest shareholder, Taurus Funds Management, has rejected a 23-cents-a-share bid for the copper miner by Indonesian group Eastern Field Developments.

In a statement to the ASX today, Finders said Taurus Funds Management, which holds an 11.3 per cent stake in the company, would not accept the offer. Earlier this week, Finders urged its shareholders to reject the takeover bid after independent expert Deloitte valued the copper miner's shares between 31 and 35 cents.

“Taurus has notified Finders that it does not intend to accept the offer at the offer price of 23 cents per Finders share in respect of the Finders shares that Taurus manages, on the basis that Taurus considers that the offer price does not reflect the fair value of Finders shares,” Finders said.

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