Fosun closes in on Roc Oil

Fosun closes in on Roc Oil

• MAGGIE LU YUEYANG
• BUSINESS SPECTATOR
• OCTOBER 02, 2014 1:41PM

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CHINESE conglomerate Fosun International has built a 29.3 per cent stake in takeover target Roc Oil, after the company’s biggest shareholder, Allan Gray, accepted Fosun’s offer.
It is understood that fund manager Allan Gray, which owns nearly 20 per cent in Roc, accepted the 69c per share offer last night. The offer values the company at $474 million.
Roc’s second biggest shareholder, Dialog Group, also accepted the offer. Data Room reported earlier that Dialog, a Malaysian company, helped to broker the deal with Fosun in the first place.
This may trigger accelerated acceptance from remaining hedge fund shareholders in Roc, and bring Fosun closer to the 50.01 acceptance threshold, a source close to the deal said. Fosun’s stake in Roc Oil has climbed to 29.3 per cent as of this morning, according to an ASX filing.
Roc recommended the $474 million takeover offer from Fosun in August, abandoning an earlier $800 million merge plan with Horizon Oil. The offer is only conditional on the 50.01 per cent acceptance level.
ANZ is advising Fosun, while Roc is advised by Sydney-based boutique advisory firm JB North & Co.