New Links, major shareholder of Medco, supports Novus acquisition
Wednesday, December 24 2003 - 02:05 AM WIB
New Links said in a press release, which was sent to the Bisnis, it will vote in favor of all resolutions to approve the proposed acquisition of Novus shares.
?Reconciling the new information provided by PT Medco Energi International regarding plan to takeover Novus Petroleum Limited , we will support it in the forthcoming extraordinary share holders meeting,? New Links said in the statement.
New Links said it holds about 85.5% of the shares in Medco Energi, which on Monday launched a A$326 million bid for Novus.
Medco will hold an extraordinary shareholders? meeting on January 23, 2004.
Meanwhile, Investor Indonesia newspaper reported in its Wednesday edition that Novus rejected Medco?s offer, saying the price was too low.
Novus admitted that it has yet to receive the Medco?s offer.
However Medco is optimistic that Novus? rejection is not final and its bidding will succeed. Because it is a common practice in bargaining.
?Bargaining, winning or losing are common in business, Medco?s finance director Sugiharto said on Tuesday in Jakarta.
New Links said it holds about 85.5% of the shares in Medco Energi, which on Monday launched a A$326 million bid for Novus.
The unsolicited A$1.74-a-share cash offer for the second-tier Australian energy company, which has production and exploration assets in Australia, the Middle East, Indonesia and the U.S., comes after Novus rejected an informal takeover approach from Medco earlier this year. (*)