Horizon Oil Limited notes the announcement this morning from Roc Oil Company Limited regarding the unanimously recommended takeover offer for Roc from Fosun International Limited. As a result of this announcement, Horizon Oil expects Roc to terminate the Merger Implementation Agreement between Horizon Oil and Roc which had been entered into on 29 April 2014.
Commenting on this development, Mr Brent Emmett (Managing Director and Chief Executive Officer of Horizon Oil) said:
"While the Board of Horizon Oil saw significant value potential in creating what we considered would be a leading Asian mid-cap E&P company, we note and respect Roc's decision to be acquired for cash, as a low risk means of achieving immediate value for its assets, bringing an end to Roc's 15 year history as an ASX listed oil and gas company. We wish Roc and its new owners well with their future endeavours..
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