Roc investor praises Fosun offer

By Elizabeth Redman and Matt Chambers - The Australian

The 69c-per share offer from Fosun, which Roc’s major shareholder Allan Gray has lauded, is probably pitched at too high a price for Horizon to revive the tie-up with a better offer. “It is a good price, so it is a good outcome we think,” said Allan Gray managing director Simon Marais, who led an unsuccessful campaign against the Horizon deal, on which Roc shareholders were not to get a vote.

The Chinese cash offer of 69c per share is at a 52 per cent premium to the price of Roc shares before the Horizon merger proposal was announced in April, and a 25 per cent premium to the three month volume-weighted average price.

Read more here: Business Spectator


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