Roc Oil Co., the Australian explorer planning to combine with Horizon Oil Ltd. to create an A$800 million ($750 million) company, received an approach from a second unidentified suitor proposing a takeover.
Roc attracted another “confidential, unsolicited, indicative and incomplete” proposal to acquire all of its shares, the Sydney-based company said today in a statement. Roc reported a separate takeover approach on June 25. Malaysia’s CLIQ Energy Bhd., cited in reports as a potential bidder, isn’t involved, Roc said today.
The two proposals may complicate the April accord between Horizon and Roc to merge operations stretching from China to Malaysia. A combined company would be in a better position to expand, the two companies said earlier this year. Roc’s assets are in China, Australia, Malaysia and the U.K., its website shows.
The deal faces opposition from Allan Gray Australia Pty, Roc’s largest holder. Shareholder advisory firm Glass Lewis & Co. said earlier this month it backs an attempt by Allan Gray to give Roc investors a vote on the merger. It’s unfair that only Horizon investors get a say, Allan Gray has said.
Allan Gray requested a meeting, scheduled for tomorrow, to vote on changing Roc’s constitution to clear the way for a vote on the proposal.