June 4 (Reuters) - Mineral Deposits Ltd MDL.AX :
* TAKEOVER UPDATE
* ERAMET HAS MADE AN OFFER THAT AN INDEPENDENT EXPERT HAS DEEMED TO BE GROSSLY INADEQUATE
* STANDS BY ITS RECENTLY ISSUED GUIDANCE AND BOARD'S RECOMMENDATION TO REJECT ERAMET'S OFFER
* SINCE OPENING ITS OFFER ON 14 MAY , ERAMET HAS INCREASED ITS INTEREST IN MDL BY ONLY 20,895 SHARES