XTXI is issuing stock at $72 (on average). That is not too far from where the shares were trading just before the announcement, so it looks pretty fair.
Beerman - issuing XTEX units that will not pay distributions for 18 months makes perfect sense, and if you do that you have to issue them at a price that accounts for the lack of distributions, and the lack of liquidity. The price of the XTEX units looks perfectly fair to me also.
Fair price in stocks is what the market bears, so I don't think anyone can have an issue unless they have evidence of misconduct. My only real argument was that they sold more than they needed. Selling some XTEX (8.3M units) now and some a couple of quarters later would have netted a better average price.
I don't get why they do not want to borrow some money for XTXI. Some debt would be beneficial for taxes and given the explosive growth in cashflow and dividends it makes the most sense. But what I can really not get is why they do not want to use their cash. What do they have it for? Buying back shares? Become a bank? I have argued in the past on this board that the most legitimate use of this cash is to fund XTEX growth. XTXI would have to sell fewer shares if they had raised less XTEX equity now and/or used their cash.