Some of Australia's best known investors will seek a higher price from French giant Eramet before they part with all of their shares in takeover target Mineral Deposits (MDL).

Eramet on Friday lobbed a $287.5 million offer for the mineral sands producer, which counts A-list investors like Alex Waislitz's Thorney Investments, Ellerston Capital, Allan Gray and big super funds like HESTA among its biggest shareholders.