Ann: ROC Confirms Receipt of Non Binding Indicative Proposal, page-6

The deal with Horizon has synergies that no other party could offer, HZN is in the construction phase of its gas plant with all the PNG government approvals in place (and that took 2 years). Any counter offer for ROC would have to massively exceed the offer from HZN if it involves share transfers because future earnings will not match those of the deal with HZN. Unless with OSH or WPL it is unlikely that there will be a deal apart from that offered by HZN.