Indonesian consortium Eastern Field Developments has set April 5 as the likely deadline for its long-running $181 million cash takeover of Finders Resources (ASX: FND), which has been held up by a lengthy legal process. Eastern Field's decision came after a judgment was handed down in the Federal Court on Friday rejecting a challenge to an earlier Takeovers Panel ruling. As a result of the judgment, Eastern Field will have an option to acquire Taurus Funds Management's 11.3%, cementing its stake of about 97% in the takeover target. Eastern Field is expected to follow up with the compulsory acquisition of remaining minority shareholders, also at the 23c a share bid price. Unless there is an appeal to the Federal Court judgment, Eastern Field will end its takeover offer on April 5.
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