NEW YORK, Aug. 28, 2012 /PRNewswire/ --Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Magellan Petroleum Corp. ("Magellan" or the "Company") (NASDAQ: MPET) concerning the proposal to acquire the Company by Stratex Oil & Gas ("Stratex") in a transaction valued at approximately $124 million.
On August 28, 2012, Stratex publicly announced that it had offered acquire Magellan after the CEOs of both companies had failed to come to terms on a deal. Under the proposal, Magellan shareholders would receive $2.30 per share held.
Our investigation concerns whether the Magellan board of directors is fulfilling its fiduciary duties in evaluating and responding to the proposal.
If you own Magellan shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq. Robert I. Harwood, Esq. Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 Phone Numbers: (877) 935-7400 (212) 935-7400 Email: [email protected] Website: http://www.hfesq.com
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.