Roc Oil accepts takeover bid from Fosun International

|By:, SA News Editor

Australia's Roc Oil (OTC:RCILF) has accepted a $441.9M takeover bid from Chinese conglomerate Fosun International (OTCPK:FOSUF), ditching a previous plan to merge with Horizon Oil (OTCPK:HZNFF).

Roc says Fosun's offer of A$0.69 a share represents a 52% premium to the closing price of Roc shares when the Horizon deal was announced in April. It is also at a 9.5% premium to Roc's most recent trade of A$0.63 a share.