Roc Oil backs Fosun offer

Board recommends cash offer over proposed merger with Horizon.

Roc Oil (ROC) has recommended a $474 million takeover offer from Chinese giant Fosun International that values the group at a premium, saying the bid is a better deal for shareholders than the proposed merger with Sydney based junior, Horizon Oil.

Horizon shares dropped in response to the news, slipping 8.11% to 34c at 10.28am (AEST), against a 0.16% benchmark index fall. Roc shares were unchanged at 63c. 

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