The two week extension now pushes the offer period out to the 25th of May, unless another extension is issued.
However Medco appears to facing an uphill battle following the Novus Board’s recommendation to shareholders to accept the Sunov offer.
Sunov had increased its offer price for Novus Petroleum shares to $1.85 per share while Medco is maintaining its original offer of $1.74 despite both being well below a recent independent valuation of between $2 and $2.86, while latest prices on the ASX have the company trading at $1.87 per share.
Novus directors stated they will accept the Sunov offer, saying the lack of alternative proposals, despite extensive efforts to solicit them, was one of the reasons for the Board’s acceptance.
Sunov has already agreed, if its bid is successful, to onsell to Santos its minor equity positions in the Cooper Basin and Indonesia for $202 million.
