Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/orlen-upstream-canada-to-acquire-kicking-horse-ene.shtmlORLEN Upstream Canada to acquire Kicking Horse Energy
ORLEN Upstream Canada Ltd., a wholly owned subsidiary of PKN ORLEN S.A. , and Kicking Horse Energy Inc. announced that they have entered into
Edit page New page Hide edit links
ORLEN Upstream Canada Ltd., a wholly owned subsidiary of PKN ORLEN S.A. , and Kicking Horse Energy Inc. announced that they have entered into a definitive agreement pursuant to which ORLEN Upstream Canada will acquire all of the outstanding common shares of Kicking Horse for C$4.75 per share in cash. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta).
The consideration payable pursuant to the Arrangement represents a 47% premium to the most recent closing price of Kicking Horse's common shares on the TSX-V and a 60% premium to the 20 day volume weighted average trading price of Kicking Horse's common shares for the period ended October 9, 2015, being a total equity purchase price of C$293 million. The total transaction value, including the assumption of Kicking Horse's current net debt and amounts to be paid under the Arrangement to retire in-the-money Kicking Horse options, is approximately C$356 million.
