NEWS ARCHIVE

Medco extends Novus deadline again but leaves no money on the table

The drawn out Novus Petroleum takeover saga is no closer to a resolution this week with Medco Ene...

Medco extends Novus deadline again but leaves no money on the table

However the Indonesian company continues to fight above its weight by sticking to its original offer of $1.74 per share, 11 cents lower than rival bidder Sunov Petroleum’s $1.85 bid. The Novus board has recommended shareholders accept the Sunov offer.

Led by Novus managing director, Bob Williams, with backing from Hong Kong-based Crosby Capital Partners the Sunov offer is still well below a recent independent valuation of between $2 and $2.86, while latest prices on the ASX have the company trading at $1.88 per share.

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.

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