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Indonesian major Medco Energi yesterday made an unsolicited off market bid for the Sydney-based producer, which has an asset spread from Oman to the Gulf of Mexico.
The likelihood of a successful bid lies with Mitsui, a major shareholder in Novus, in which it has a 13% stake. Medco has made a 90% acceptance rate one of the conditions of the offer.
Novus management has said the offer does not recognise the underlying value of the company and to wait until a full bidder's statement is released by Medco before taking any action.
