The Roc board tell us they have been looking at this deal for over 12 months.If we go back to say 1st May 2013:
Roc had M686 shares and the SP was 44c
Hzn had M1135 shares and their SP was 43c
Hzn has since had a CR at incidently a 13% discount to VWAP
So since then Roc SP up roughly 10% and Hzn down 10%
If we had a merger of equals proposed at that time Roc shareholders would have ended up with less than 38% of the merged group as against 42% now.
So maybe we should wait another 12 months to see if it improves again. Just my thoughts what do others think?
dud deal
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