ROC receives another ‘confidential’ takeover offer

Australian oil company ROC has today said it has received a second confidential, unsolicited, indicative and incomplete proposal in relation to the acquisition of all the issued share capital of ROC.

ROC said that this takeover offer was independent from the one received on June 25, 2014. 
As required under the merger implementation deed between ROC and Horizon Oil dated April 29, 2014, ROC said notified Horizon Oil of the approach, immediately after receiving  the proposal,

On April 29, 2014, Horizon Oil and Roc Oil announced that they had entered into a Merger Implementation Deed (MID) under which they had agreed to merge via a scheme of arrangement. The MID contains mutual exclusivity provisions which apply from the date of the MID until the date the Merger is implemented or the MID is terminated.

The MID’s exclusivity provisions include a ‘no-shop’ restriction, a ‘no-talk’ restriction and a notification obligation in respect of any unsolicited approach.

ROC has denied the media speculation that Malaysia’s Clique Energy is involved in the takeover talks.

“We note the media speculation earlier today regarding the identity of the entity making the approach. It would be inappropriate to comment on the two indicative approaches, however, we can confirm that Cliq Energy is not involved,” ROC said.

 

Offshore Energy Today Staff, July 10, 2014

 

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