FX Energy, Inc. (NASDAQ: FXEN, FXENP) today announced that it has entered into a definitive merger agreement pursuant to which ORLEN Upstream Sp. z o.o. will acquire all of the outstanding shares of common stock of FX Energy. ORLEN Upstream is the wholly-owned exploration and production subsidiary of PKN ORLEN SA (GPW: PKN).
In the transaction, holders of FX Energy common stock will receive consideration of $1.15 per share in cash, which represents a 22% premium over the average closing price for the Company’s common stock for the 60 trading-day period ended on October 12, 2015. The transaction values FX Energy at approximately $119 million, including the Company’s net debt at June 30, 2015.
The agreement with ORLEN Upstream is the result of FX Energy’s previously announced process to explore a possible sale of the Company or other transaction and has been approved unanimously by the Company’s Board of Directors.
