Public Australian oil company Roc Oil Company Ltd., in a surprise move, has decided to accept a takeover bid from Shanghai-headquartered Chinese investment group Fosun International.

Roc Oil had made an agreement with Horizon Oil Ltd. on April 29th to combine with the company and allow its takeover, but the company’s reconsidered its decision in light of Fosun International’s better offering: “In reaching our conclusion that the Fosun Offer is in the best interests of shareholders and a superior proposal as defined in the Horizon Merger Implementation Deed, the Board has considered a number of alternatives, including the standalone value of ROC and the value of pursuing a merger with Horizon in accordance with its proposed terms,” said ROC Chairman Mike Harding.

Fosun International will pay AUS $474.4 million for Roc Oil and will give Roc Oil 69 Australian cents per share, which is a 52% premium to Roc Oil shares back in April when the company agreed to merge with Horizon Oil. The 69 Australian cents per share promised to Roc Oil is also a 9.5% premium to Roc Oil cents-per-share currently (63 cents).

Fosun International is a private company that’s incorporated in Hong Kong but headquartered in Shanghai. The privately-run company has its reach into iron and steel, mining, pharmaceutical, as well as asset management and insurance industries. Fosun International was founded in 1992 by four university graduates and started in market research before it expanded into insurance and real estate. Fosun International ranked in Fortune Magazine’s top 500 Chinese enterprises in 2011, and in April 2012 received the honor of being ranked in Forbes Top 2000 Global Companies.

Roc Oil Ltd. is an independent Australian petroleum company founded by Dr. John Doran in 1997 that went public on the Australian stock exchange in 1999. The company arrived on the London Stock Exchange in 2004 and merged with Anzon Australia Limited in 2008. The company has its business in China, Australia, the United Kingdom, and Africa.