PHX Minerals’ board maintained its stance on Nov. 14 that WhiteHawk’s latest offer was not in the best interest of its stockholders. (Source: Shutterstock, PHX Minerals)
PHX Minerals again urged its shareholders on Nov. 14 to turn down WhiteHawk Energy's unsolicited acquisition offer, despite several calls to consider its latest $4 per share all-cash bid.
The rejection follows several initial proposals made in May 2023, June 2023, August 2023 and October 2024 in somewhat of a saga between the two companies.
WhiteHawk previously stated that its most recent offer represented a 17% premium to PHX’s 30-day volume weighted average price and a 19% premium to its 90-day average price. PHX’s trading price closed at $3.40 per share on Nov. 13.
However, PHX’s board maintained its stance on Nov. 14 that WhiteHawk’s offer was not in the best interest of its stockholders in a press release.
In a 2023 rejection letter to WhiteHawk, PHX said the initial offer was “grossly inadequate in terms of the value offered to PHX and its stockholders.”
WhiteHawk did not respond to Hart Energy’s Nov. 14 request for comment.
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