Novus bidders extend offer: Report
Saturday, February 28 2004 - 01:41 AM WIB
Oil and gas company PT Medco Energi Internasional Tbk gave Novus shareholders an extra four weeks to accept its $1.74 a share offer.
It was the third extension for the $326 million bid which had an initial closing date of February 10.
The Indonesian energy giant left provision to extend its offer further, stating the closing date would be 7pm (Melbourne time) on April 6, "unless further extended".
The variation will enable shareholders who have accepted the bid to withdraw their acceptance.
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.
The consortium is yet to formalise its 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. (*)