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News Breaks | | | | September 10, 2012 | | 06:02 EDT |  | MPET | Magellan Petroleum Board determines not to pursue proposal by Stratex Oil
Magellan Petroleum (MPET ) announced that its Board of Directors has carefully considered the unsolicited proposal by Stratex Oil & Gas Holdings (STTX) that Stratex announced on Aug. 28. After consulting with its financial and legal advisors, the Magellan Board has determined not to pursue the Stratex proposal. The proposal, as set forth in a letter from Stratex dated Aug. 27, was a proposal to acquire each outstanding share of Magellan common stock for $0.65 in cash and one share of Stratex common stock, the closing price for which as reported by the OTCQB on Aug. 27, was $1.65 per share. In making its determination, the Board of Directors noted that Stratex did not respond to a written request for preliminary information regarding, among other things, Stratex's financial statements, organizational structure, oil and gas properties, and the terms and conditions of the "committed financing" for the cash component of the proposal. | |
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| May 13, 2013 | | 06:12 EDT | | MPET | Magellan signs agreement for $23.5M of convertible preferred stock financing
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