The Indonesian giant had earlier extended its offer of A$1.74 per share by a week to 27 April. Sunov had extended its A$1.77 per share offer by four weeks to 20 May.
According to Medco Chief Operating Officer, Rashid Irawan Mangunkusumo, not only is Medco considering upping the stakes but it “is also trying to decide what to do if the rival bidder increases its bid further”.
Novus continues to reject offers from both Medco and Sunov. An independent report values its stock at between A$2.02 and A$2.86. As of 14 April, Novus shares closed at A$1.90.
