FX Energy (NASDAQ:FXEN) agrees to be acquired by PKN Orlen, Poland's top refiner, for ~$119M, or $1.15/share in cash, which represents an 8.5% premium over yesterday's closing price.
Besides U.S. producing assets in Montana and Nevada, FXEN has concessions around Poland, partly co-owned with Poland gas group PGNiG.
PKN currently buys most of its oil from neighboring Russia, and the deal would help expand its own E&P activities.
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