The company proposed to buy Magellan for $2.30 per share in a cash and stock deal thereby, providing a 137% premium to Magellan’s shareholders based on closing price of $.97 on 24 August.
Stratex said it has secured financing to complete the cash portion of the offer.
Stratex Oil & Gas CEO Stephen Funk said, "We are confident that the Stratex/Magellan combination will create greater value than the two entities could each achieve separately."
