MELBOURNE Australia's Roc Oil Co Ltd ROC.AX on Monday accepted a A$474 million ($441 million) takeover offer from Chinese conglomerate Fosun International Ltd (0656.HK), saying it was better than its plan to merge with Horizon Oil Ltd (HZN.AX).
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.
"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.
($1 = 1.0747 Australian Dollars)
(Reporting by Sonali Paul; Editing by Stephen Coates)