October 13, 2015 / 6:54 AM / 3 years ago

PKN says lauches takeover bids for Canada's Kicking Horse, U.S. FX Energy

WARSAW, Oct 13 (Reuters) - Poland top refiner, the state-controlled PKN Orlen, said on Tuesday it has launched takeover bids for Canada’s Kicking Horse Energy and U.S. firm FX Energy, worth a total of over $300 million.

PKN said it will offer Kicking Horse’s shareholders 4.75 Canadian dollars for each share in an all-cash deal, valuing the firm’s equity at 293 million Canadian dollars ($224.9 million), and putting the enterprise value at 356 million CAD.

The Polish refiner said it will also offer shareholders of U.S. firm FX Energy $1.15 in cash for each common share and $25 for each preffered share, valuing the firm’s equity at $83 million. PKN said it it will annouce a tender offer for FX Energy by Oct. 23.

$1 = 1.3029 Canadian dollars Reporting by Marcin Goettig; Editing by Wiktor Szary

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below