The Federal Government's Takeover Panel has found UCL Resources all-scrip takeover bid for Minemakers contains "material information deficiencies".

The panel agreed with Minemakers contention that the offer was unacceptable because of a lack of information on proposed funding of the bid, related party transactions, proposed capital structure of the combined entity and details of the offer premium.

It has advised UCL to lodge a replacement bidder's statement in a form approved by the panel.

UCL's bid for Minemakers follows a previous bid by Minemaker for UCL.

The two companies are joint venture partners in the Sandpiper marine phosphate project in Namibia.