Medco extends closing date for Novus takeover bid
Tuesday, June 8 2004 - 04:43 AM WIB
Publicly listed oil and gas producer PT Medco Energi International has extended the closing date of its off-market takeover bid for all the issued ordinary shares in Australia's Novus Petroleum Limited.
The closing date has been extended from June 8 to June 15, 2004 unless there is another extension, Medco said in its letter to Novus.
Medco recently increased its offer for Novus shares to A$1.90 per share, valuing Novus around A$350 million, while rival bidder Sunov Petroleum offer was only A$1.85 a share.
Medco has also made agreements with Australian-based Santos Limited and Silk Route Investments of Dubai to support its takeover bid.
Medco may finally win the assets of Novus after Sunov decided not to raise its offer for the company. (Robert)