Sunov raises its takeover bid for Novus to A$1.85 per share from A$1.77: Report

Management buyout group Sunov Petroleum Pty Ltd said on Thursday that it will increase its takeover bid for Australia's Novus Petroleum Ltd to A$1.85 a share in cash from A$1.77 a share, Dow Jones Newswires reported from Sydney, Australia.

Novus is also subject to a A$1.74-a-share offer from Indonesia's PT Medco Energi Internasional.

Sunov said the Novus independent directors recommend the revised Sunov bid and intend to accept it for their own shares in the absence of a higher offer. (*)