Medco extends Novus takeover deadline for the fifth time
Tuesday, April 13 2004 - 12:56 AM WIB
Medco Energi International Tbk. on Tuesday announced a fifth extension to its off-market takeover bid against ASX-listed oil company Novus Petroleum Limited.
Medco gave Novus shareholders an extra one week until April 27, 2004 (unless extended further) to accept its $1.74 a share offer.
Medco launched hostile takeover bid against Novus in December last year, valuing the company at A326 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.
The company has released a report by independent valuer Grant Samuel & Associates Pty Ltd, pricing Novus shares between $1.96 and $2.75 per share.
The valuer said at the time Medco's offer attributed no value to Novus's exploration upside, concluding the offer was "neither fair nor reasonable."
Novus reported a net profit in 2003 of $12.3 million compared to a loss of $34 million in 2002.(alex)