The WhiteHawk Energy-PHX Minerals saga continues with WhiteHawk again urging its shareholders to pressure PHX to respond to its $4/share all-cash offer made Oct. 14. (Source: Shutterstock, WhiteHawk, PHX Minerals)
WhiteHawk Energy is amplifying its effort to acquire PHX Minerals Inc. by urging its shareholders to pressure PHX to respond to the $4 per share all-cash offer made Oct. 14, according to WhiteHawk’s Nov. 12 press release.
The move follows months of unsuccessful attempts to engage PHX's leadership, including a previous stock-for-stock merger proposal in August 2023 following an initial proposition to PHX in May 2023 and again in a revised letter in June 2023.
The current offer represents a 17% premium to PHX’s 30-day volume weighted average price and a 19% premium to its 90-day average price, WhiteHawk said.
RELATED
WhiteHawk Proposes 17% Premium Cash Takeout Offer for PHX Minerals
WhiteHawk’s CEO Daniel C. Herz said the offer is a substantial premium to PHX’s recent trading prices, emphasizing it as beneficial for all stockholders.
PHX’s trading price closed at $3.55 on Nov. 11.
WhiteHawk’s August 2023 proposal stated that PHX stockholders would own approximately 61% of the pro forma equity of WhiteHawk Minerals Corp. and receive a one-time $0.20 per share cash dividend.
PHX’s board rejected the proposal in a letter to WhiteHawk on account of the offer being far short and “grossly inadequate in terms of the value offered to PHX and its stockholders.”
At the time, PHX said it had evaluated over 150 potential and “better” acquisition prospects and that WhiteHawk’s assets would add risk if it were to be combined with PHX’s portfolio.
Recommended Reading
Wildcatting is Back: The New Lower 48 Oil Plays
2024-12-15 - Operators wanting to grow oil inventory organically are finding promising potential as modern drilling and completion costs have dropped while adding inventory via M&A is increasingly costly.
E&P Highlights: Dec. 16, 2024
2024-12-16 - Here’s a roundup of the latest E&P headlines, including a pair of contracts awarded offshore Brazil, development progress in the Tishomingo Field in Oklahoma and a partnership that will deploy advanced electric simul-frac fleets across the Permian Basin.
Utica’s Encino Boasts Four Pillars to Claim Top Appalachian Oil Producer
2024-11-08 - Encino’s aggressive expansion in the Utica shale has not only reshaped its business, but also set new benchmarks for operational excellence in the sector.
What Chevron’s Anchor Breakthrough Means for the GoM’s Future
2024-12-04 - WoodMac weighs in on the Gulf of Mexico Anchor project’s 20k production outlook made possible by Chevron’s ‘breakthrough’ technology.
E&P Highlights: Dec. 2, 2024
2024-12-02 - Here’s a roundup of the latest E&P headlines, including production updates and major offshore contracts.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.