NEWS
WhiteHawk Energy Reiterates Proposal to Acquire PHX Minerals, Inc. for $4.00 per Share in an All-Cash Transaction
WhiteHawk Energy has reiterated its proposal to acquire PHX Minerals for $4.00 per share in an all-cash transaction. This offer represents a 19% premium to PHX's 90-day volume weighted average price and a 17% premium to its 30-day volume weighted average price. WhiteHawk currently owns 946,506 common shares of PHX, approximately 2.5% of the outstanding common stock.
The proposal includes an option for qualified PHX stockholders to exchange their shares for WhiteHawk common shares. WhiteHawk has been attempting to engage with PHX for over 18 months, expressing concerns about PHX's excessive G&A expenses, dilutive acquisitions, and minimal dividends. WhiteHawk urges PHX's Board of Directors to engage in good faith negotiations, highlighting PHX's underperformance compared to peers and market indices since 2020.
The proposal includes an option for qualified PHX stockholders to exchange their shares for WhiteHawk common shares. WhiteHawk has been attempting to engage with PHX for over 18 months, expressing concerns about PHX's excessive G&A expenses, dilutive acquisitions, and minimal dividends. WhiteHawk urges PHX's Board of Directors to engage in good faith negotiations, highlighting PHX's underperformance compared to peers and market indices since 2020.
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