WARSAW, Oct 13 (Reuters) - Poland top refiner, the
state-controlled PKN Orlen PKN.WA , said on Tuesday it has
launched takeover bids for Canada's Kicking Horse Energy KCK.V
and U.S. firm FX Energy FXEN.O , 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)