Horizon’s Roc merger labelled ‘crazy’

Roc Oil shareholder blasts $300m reverse takeover as 'crazy' and 'stupid'.

Roc Oil’s only significant shareholder, Allan Gray, has blasted as “crazy” and “stupid” a $300 million nil-premium reverse takeover by Horizon Oil that Roc investors are powerless to stop.

In a blistering attack on the friendly all-scrip merger, in which Horizon shareholders will take 58 per cent of a combined $800m company, Allan Gray managing director Simon Marais said he struggled to see benefits.

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