PHX Minerals up after Whitehawk discloses $4/share buyout offer

PHX Minerals

14/10/2024 23:06

** Shares of natural gas and oil company PHX Minerals
 PHX.N  rise ~6% to $3.72 after the bell
    ** Natural gas mineral company WhiteHawk Energy reiterated
its proposal to acquire PHX in an all-cash transaction of
$4/shr, in a letter to shareholders
    ** PHX had rejected Whitehawk's previous stock-for-stock
offer in August 2023, after which Whitehawk proposed the $4/shr
deal multiple times privately
    ** The proposal is at a premium of ~14% on Monday's close
    ** WhiteHawk says it owns 946,506 common shares, or ~2.5% of
PHX
    ** Up to Monday's close, stock has risen 9% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))