Having been trumped by Crosby's counter-bid of $1.77 (versus its $1.74), Medco needed to extend their offer period beyond the date on which Novus shareholders will receive Crosby's Bidder's Statement, which is the 16th February.

"We have made the decision to extend our offer period to enable us to give due consideration to the additional information that has become available to us, including material in the Novus Target's Statement, as well as some of the confidential information provided to other parties to which Novus has given access this week," said Medco CEO Hilmi Panigoro.

Had Medco not extended, it faced the probability that it would receive no acceptances because shareholders would be waiting for full details of the higher Crosby bid.

Medco can still increase its offer at any time prior to the end of the new extended offer period, however, it seems unlikely that the company will match the levels suggested by the Grant Samuel Independent Expert's Report with Panigoro stating that Medco believes the evaluation was materially flawed.