Update: HK?s Crosby launches rival take over bid for Novus

Hong Kong-based investment company Crosby Capital Partners, together with Novus CEO Bob Williams on Monday announce rival take over bid for Novus Petroleum Limited by offering to by all Novus shares at A$ 1.77 per share, which values Novus at $331 million. The offer is three cents higher than Medco Energi International Tbk.?s earlier offer of $1.74 per share.

Novus CEO Bob William explained in a release filed to The Australian Stock Exchange that his move to bring Crosby into the scene was prompted by the fact despite attractiveness of Medco?s offer, it was so highly conditional that there is a real risk that the bid will be unsuccessful, resulting in collapse of share price in the absence of incredible alternative bid.

Meanwhile, Novus independent directors said while management welcomed the alternative bid, Crosby?s offer did not take into account the underlying value of Novus.

The independent directors advised shareholders to take no immediate action until further details are available.

It was not immediately clear whether Medco would counter Crosby's bid. Earlier Medco CFO Sugiharto said Medco would raise its bid to beat rival offers but may also decide to withdraw its bid if other parties offer a price that "Medco couldn't financially afford". (alex)