Magellan Petroleum Corp. (
) is up 1% at $1.28, off a day's high of $1.40, after the company
today commented on the unexpected announcement earlier today by
Stratex Oil & Gas Holdings, Inc. (
) that STTX had made an offer to acquire MPET for $2.30 per share
in cash and stock. The announcement was included in a tender offer
statement filed by STTX with the U.S. Securities and Exchange
MPET said that the STTX letter to MPET, referred to in the
announcement, which was hand delivered to MPET on August 27, 2012,
was the first communication of any kind from STTX to MPET following
a brief initial introductory meeting among certain executives of
the two companies in the Spring of 2012.
MPET said its Board of Directors has not yet had the opportunity
to review the letter with financial and legal advisors.
MPET trades in a 52-week range of $0.87 - $1.72. Shares have
fallen 15% in the last 12 months.
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