Medco extends closing date for Novus takeover bid
Friday, January 30 2004 - 05:32 AM WIB
The closing date has been extended from Feb. 10 to Feb. 24, 2004 unless there is another extension, the company said in its letter to Novus.
?We have made decision to extend our offered period to enable us to give due consideration to additional information that has become available to us, including material in the Novus Target?s Statement, as well as some confidential information provided to other interested parties to which Novus has given us access this week,? Medco?s president Hilmi Panigoro explained in the letter made available by the Australian Stock Exchange.
Last month, 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.
?We are extremely surprised at the very high range in Grant Samuel Independent Expert?s Report. We believe that it is materially flawed,? Hillmi said in the letter. (Robert)