** FAR Ltd (FAR.AX) climbs 6.8% to A$0.625 after top shareholder rejects takeover approach for the oil and gas explorer
** Shares hit their highest since Dec 22
** Meridian Capital International Fund, which holds a 19.3% stake, says Samuel Terry Asset Management's bid is "opportunistic and wholly inadequate"
** FAR shares trading ~39% above Samuel Terry's A$0.45 a share bid, valuing the Africa-focused firm at A$44.9 mln ($32.08 mln)
** Meridian says it remains committed to its FAR stake
** FAR previously said it will consider the bid
** FAR up 63% since Samuel Terry's bid was made public on Jan 31
($1 = 1.3998 Australian dollars)
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