Medco may raise Novus bid price
Thursday, January 15 2004 - 11:12 PM WIB
"We may raise our bid if there is a party that offers a higher bid than Medco's," Medco Finance Director Sugiharto told reporters.
He said Medco may also decide to withdraw its bid if other parties offer a price that "Medco couldn't financially afford".
He said that with its current bid, Medco is still optimistic it can complete the takeover by end-February.
On Dec. 22, Medco launched a surprise A$1.74-a-share takeover bid for Novus, valuing the Australian energy interest at A$326 million.
Novus confirmed early Thursday that it has been approached by various parties that have expressed interest in submitting an alternative offer.
Novus said an information memorandum containing background information on the company has been prepared for review by interested parties subject to them signing an appropriate confidentiality agreement.
Analysts have been speculating that rival energy company Santos Ltd. or key shareholder Mitsui & Co. may be interested in bidding for Novus.(*)