Expert backs Horizon, Roc Oil merger

Deal would be in the best interests of Horizon Oil shareholders, Deloitte says.

The indepdendent expert acting for Horizon Oil (HZN) has recommended the proposed all-scrip merger of equals with Roc Oil (ROC).

Deloitte Corporate Finance says that the deal is fair, reasonable and in the best interests of Horizon Oil shareholders.

This follows a report last month from independent expert Grant Samuel that concluded the merger was in the best interests of Roc shareholders.

The deal would create a new player with a market capitalisation of $800 million, but has been thrown a curveball after Roc received an offer from an unidentified third party.

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