The
Watertown,
Conneticut-headquartered,
North
Billings,
Montana-based
explorer
said
it
was
offering
$2.30
per
Magellan
share,
a
137%
premium
on
Friday’s
close
of
$0.97.
The
offer
was
made
in
a
letter
to
Magellan
Petroleum's
chief
executive
and
board
after
the
chief
executives
of
both
companies
“failed
to
come
to
any
definitive
understanding”
in
prior
discussions
on
Stratex’s
interest.
Stratex
said
it
was
“fully
committed
to
pursuing
the
transaction”
with
financing
secured
for
the
cash
portion
of
the
deal.
Stratex
is
an
independent
whose
core
operating
areas
are
in
the
Williston
Basin
of
North
Dakota
and
Montana
and
Colorado’s
Denver-Julesburg
Basin.
Nasdaq-listed,
Denver-headquartered
Magellan…
