Australian Takeovers Panel rejects Novus' request to issue interim restrain order
Medco to commence offer period today
Thursday, January 8 2004 - 01:49 AM WIB
The refusal came after Novus claimed that two bidder's statements already released by Medco don't provide enough disclosure for shareholders to consider Medco's A$326 million hostile takeover offer.
"The panel has...decided not to make any interim orders preventing the dispatch of the bidder's statement," the Takeovers Panel said.
Any shortfall in disclosure can be dealt with by issuing a subsequent bidder's statement or Novus itself can make shareholders aware of its concerns, said the Panel..
In its complaint lodged earlier to the panel, Novus expressed concerns the Medco bidder's statement contains no information as to whether it intends to refinance notes issued by Novus in the U.S.
It also claimed a report prepared for Medco by Indonesian firm Madani Securities has deficiencies in the summary of the valuation of Novus.
On Dec. 22, Medco launched a surprise A$1.74 a share takeover offer, valuing the Australian company at A$326 million.
Among other concerns, Medco has not stated whether it intends to waive a condition stating it will only pay a maximum US$5 million on Novus' existing US$80 million notes.
Meanwhile, Medco Energi welcomed Takeovers Panel decision and said it would send Bidder?s Statement and Supplementary Bidder?s Statement to Novus? shareholders today. Medco said the offer will open today (Thursday) and will be closed at February 10 2004, unless extended.
?We are pleased that we are able to send our Bidder?s Statement to Novus shareholders and commence the offer period. We remain confident that Novus shareholders will find cash offer attractive we encourage Novus shareholders to accept it,? said Medco president and CEO, Hilmi Panigoro. (alex)