Medco again extends closing date for Novus takeover bid
Tuesday, February 17 2004 - 02:42 AM WIB
Publicly listed oil and gas producer PT Medco Energi International has again extended the closing date of its takeover bid for all the issued ordinary shares in Australia's Novus Petroleum Limited.
The closing date has been extended from Feb. 24, 2004 to March 9, 2004 unless there is another extension, the company?s legal advisor on the takeover bid Allens Arthur Robinson in its notification to The Australian Stock Exchange.?
Last December, Medco launched an off-market takeover bid for all the issued ordinary shares in Novus, for A$1.74 per share. This offer values the equity in Novus at A$326 million on a fully diluted basis.
However, consultancy firm Grant Samuel & Associates Pty. Ltd. has valued Novus in the range of A$1.96 to A$2.75 per share and concluded that the Medco offer is neither fair nor reasonable.(alex)