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Williams, along with bidding partner, Crosby Capital Partners, had offered $1.77 per Novus share in competition with Medco’s bid of $1.74. Medco recently extended the bid to April 20.
The board has given short shrift to both bids, with chairman David Blair advising shareholders to reject the Sunov bid, saying it was neither fair nor reasonable.
The latest independent report put the value of Novus at between $2.02 and $2.86, and said the offer had not factored in the quality of its Middle East and United States portfolio.
Santos has already agreed to acquire Novus’ Indonesian and Australian assets if the Sunov bid gets up.
Novus was trading above $1.85 this week.
