Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the proposed sale of Magellan Petroleum Corporation (“Magellan Petroleum”) (NASDAQ: MPET) to Stratex Oil & Gas Holdings for shareholders. Under the proposed transaction, Magellan shareholders will only receive $2.30 in cash for each share of Magellan Petroleum stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The transaction is valued at approximately $124 million.
The investigation centers on the conduct of Magellan Petroleum’s Board of Directors in considering an offer by Stratex Oil & Gas after previous acquisition negotiations did not result in a definitive deal. Specifically, the firms are investigating whether Magellan Petroleum shareholders would receive adequate compensation for their shares in the proposed buyout, whether the transaction undervalues Magellan Petroleum stock, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction.“Although we hope that Magellan Petroleum’s Board of Directors is doing everything possible to negotiate a better price for the shareholders, because prior negotiations have apparently not resulted in a deal, we are concerned that the Board is not doing all that it can to maximize shareholder value. We are concerned that the Board of Directors may not be acting in the best interests of the shareholders,” said shareholder rights attorney Willie Briscoe. The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.