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China's Fosun agrees $441 mln takeover of Australia's Roc Oil
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AUSTRALIA'S Roc Oil Co Ltd on Monday accepted a A$474 million ($441 million) takeover offer from Chinese conglomerate Fosun International Ltd , saying it was better than its plan to merge with Horizon Oil Ltd., Reuters reported.
A takeover of Roc will give Fosun its first oil assets, with stakes in Australia, China, Malaysia and the UK North Sea. Roc produced 2.7 million barrels of oil equivalent in 2013, according to Reuters.
Fosun has offered A$0.69 a share, a 10 percent premium to Roc's close last Friday and a 23 percent premium to Roc's share price the day before it announced it had received a tentative takeover proposal from an unidentified party, Reuters reported.
"The proposal to purchase all of Roc's shares for cash is superior when considered against the alternative merger of equals with Horizon and offers a significant premium to share price performance," Roc Chairman Mike Harding said in a statement.
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