Magellan Petroleum Responds to Surprise Offer From Stratex Oil & Gas; Up 1%, But Off Day Highs

By Staff,

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Magellan Petroleum Corp. ( MPET ) 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. ( STTX ) 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 Commission.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: MPET , STTX

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