Medco extends Novus takeover bid
Tuesday, April 20 2004 - 12:00 AM WIB
Medco gave Novus shareholders an extra two-week until May 11, 2004 (unless extended further) to accept its A$1.74 a share offer.
Medco launched hostile takeover bid against Novus in December last year, valuing the company at $326 million.
Medco Energi's $1.74 a share bid for Novus in late December was trumped in January by a Hong Kong-based consortium led by Novus managing director Bob Williams, which said it would be making a $1.77 share offer.
Meanwhile Novus's independent directors have indicated they were in discussions with other parties regarding alternative offers and issued a statement advising shareholders to take no action in relation to either bid.
Medco official had earlier stated that it may raise it bid. (alex)