Magellan Petroleum (MPET) Pops On Strange Takeover Offer from Stratex Oil & Gas (STTX)
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Shares of Magellan Petroleum Corporation (Nasdaq: MPET) are ripping higher in early action Tuesday after Stratex Oil & Gas Holdings, Inc. (OTCQB: STTX) made an offer to acquire Magellan Petroleum for $2.30 per share in cash and stock.
The offer was made in a letter to Magellan's CEO with a copy to the Board of Directors yesterday after the CEOs of the two companies had previously discussed Stratex's interest in acquiring Magellan, but had failed to come to any definitive understanding.
Shares of MPET last traded up 72 percent to $1.65, but traders are already questioning the logic of the deal.
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The offer was made in a letter to Magellan's CEO with a copy to the Board of Directors yesterday after the CEOs of the two companies had previously discussed Stratex's interest in acquiring Magellan, but had failed to come to any definitive understanding.
Shares of MPET last traded up 72 percent to $1.65, but traders are already questioning the logic of the deal.
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