WhiteHawk Energy Calls for Response from Board of PHX Minerals, Inc. related to its Proposal to Acquire PHX in a $4.00 per Share All-Cash Transaction
WhiteHawk Energy, has called on the Board of Directors of PHX Minerals to respond to its proposal to acquire PHX in an all-cash transaction valued at $4.00 per share. WhiteHawk's CEO, Daniel C. Herz, emphasized that the proposal offers a substantial premium over PHX's recent trading prices and urged stockholders to encourage the PHX Board to engage in discussions.
WhiteHawk has demonstrated financing for the transaction and believes it benefits all stockholders. The company is advised by Stephens Inc. and Weil, Gotshal & Manges LLP. WhiteHawk Energy specializes in acquiring mineral and royalty interests in top-tier natural gas resource plays, managing approximately 1,050,000 gross unit acres and interests in over 3,400 producing horizontal wells.
WhiteHawk is committed to pursuing this value-creating opportunity and encourages transparency and engagement from PHX's Board. Investors are urged to read any forthcoming documents related to the proposal filed with the SEC.
WhiteHawk Energy ha sollecitato il Consiglio di Amministrazione di PHX Minerals a rispondere alla sua proposta di acquisire PHX in un'operazione completamente in contante valutata a $4,00 per azione. Il CEO di WhiteHawk, Daniel C. Herz, ha sottolineato che la proposta offre un premio sostanziale rispetto ai recenti prezzi di mercato di PHX e ha esortato gli azionisti a incoraggiare il Consiglio di PHX a intraprendere discussioni.
WhiteHawk ha dimostrato di avere i finanziamenti per l'operazione e crede che essa avvantaggi tutti gli azionisti. La società è assistita da Stephens Inc. e Weil, Gotshal & Manges LLP. WhiteHawk Energy è specializzata nell'acquisizione di diritti minerari e royalties in prospettive di gas naturale di alto livello, gestendo circa 1.050.000 acri unitari netti e interessi in oltre 3.400 pozzi orizzontali produttivi.
WhiteHawk è impegnata a perseguire questa opportunità di creazione di valore e incoraggia la trasparenza e il coinvolgimento da parte del Consiglio di PHX. Gli investitori sono esortati a leggere eventuali documenti in arrivo relativi alla proposta presentati alla SEC.
WhiteHawk Energy ha solicitado al Consejo de Administración de PHX Minerals que responda a su propuesta de adquirir PHX en una transacción totalmente en efectivo valorada en $4.00 por acción. El CEO de WhiteHawk, Daniel C. Herz, enfatizó que la propuesta ofrece una prima sustancial sobre los precios de negociación recientes de PHX y urgió a los accionistas a alentar al Consejo de PHX a participar en discusiones.
WhiteHawk ha demostrado financiamiento para la transacción y cree que beneficia a todos los accionistas. La compañía es asesorada por Stephens Inc. y Weil, Gotshal & Manges LLP. WhiteHawk Energy se especializa en adquirir intereses minerales y de regalías en áreas de recursos de gas natural de primer nivel, gestionando aproximadamente 1,050,000 acres brutos y participaciones en más de 3,400 pozos horizontales productivos.
WhiteHawk está comprometida a perseguir esta oportunidad de creación de valor y fomenta la transparencia y el compromiso del Consejo de PHX. Se insta a los inversores a leer cualquier documento próximo relacionado con la propuesta presentado a la SEC.
화이트호크 에너지가 PHX 미네랄즈 이사회에 PHX를 주당 4.00달러의 전액 현금 거래로 인수하겠다는 제안에 응답할 것을 요청했습니다. 화이트호크의 CEO인 다니엘 C. 헤르츠는 이 제안이 PHX의 최근 거래 가격에 대한 상당한 프리미엄을 제공한다고 강조하며 주주들에게 PHX 이사회가 논의에 참여하도록 촉구했습니다.
화이트호크는 이번 거래를 위한 자금을 확보했으며, 이는 모든 주주에게 이익이 된다고 믿고 있습니다. 회사는 스티븐스(Stephens Inc.)와 와일, 고트슐 & 맨게스 LLP(Weil, Gotshal & Manges LLP)로부터 자문을 받고 있습니다. 화이트호크 에너지는 일급 자연가스 자원에서 광물 및 로열티 권리를 인수하는 전문 회사로, 약 1,050,000 에이커의 순수 유닛 면적과 3,400개 이상의 수평 굴착 유정에 대한 이익을 관리하고 있습니다.
화이트호크는 가치 창출 기회를 추구하는 데 전념하고 있으며 PHX 이사회의 투명성과 참여를 장려합니다. 투자자들은 SEC에 제출된 제안과 관련된 향후 문서를 읽어보기를 권장합니다.
WhiteHawk Energy a demandé au Conseil d'Administration de PHX Minerals de répondre à sa proposition d'acquérir PHX dans le cadre d'une transaction entièrement en espèces évaluée à 4,00 $ par action. Le PDG de WhiteHawk, Daniel C. Herz, a souligné que cette proposition offrait une prime substantielle par rapport aux prix récents de négociation de PHX et a exhorté les actionnaires à encourager le Conseil de PHX à engager des discussions.
WhiteHawk a démontré un financement pour la transaction et pense que cela bénéficie à tous les actionnaires. L'entreprise est conseillée par Stephens Inc. et Weil, Gotshal & Manges LLP. WhiteHawk Energy se spécialise dans l'acquisition de droits minéraux et de redevances dans des zones de ressources en gaz naturel de premier ordre, gérant environ 1 050 000 acres bruts et des intérêts dans plus de 3 400 puits horizontaux en production.
WhiteHawk est déterminé à poursuivre cette opportunité de création de valeur et encourage la transparence et l'engagement du Conseil de PHX. Les investisseurs sont exhortés à lire tous les documents à venir concernant la proposition déposée auprès de la SEC.
WhiteHawk Energy hat den Vorstand von PHX Minerals aufgefordert, auf den Vorschlag zur Übernahme von PHX in einer vollkommenen Bartransaktion im Wert von 4,00 USD pro Aktie zu reagieren. Der CEO von WhiteHawk, Daniel C. Herz, betonte, dass der Vorschlag eine erhebliche Prämie gegenüber den aktuellen Handelskursen von PHX bietet und forderte die Aktionäre auf, den PHX-Vorstand zu ermutigen, Gespräche zu führen.
WhiteHawk hat die Finanzierung für die Transaktion nachgewiesen und glaubt, dass sie allen Aktionären zugutekommt. Das Unternehmen wird von Stephens Inc. und Weil, Gotshal & Manges LLP beraten. WhiteHawk Energy ist auf den Erwerb von Mineral- und Lizenzrechten in erstklassigen Erdgasressourcengebieten spezialisiert und verwaltet etwa 1.050.000 Hektar brutto und Interessen an über 3.400 produzierenden Horizontalbohrungen.
WhiteHawk engagiert sich, diese wertschaffende Gelegenheit zu verfolgen, und fördert Transparenz und Engagement des PHX-Vorstands. Investoren werden dringend aufgefordert, die kommenden Unterlagen im Zusammenhang mit dem bei der SEC eingereichten Vorschlag zu lesen.
- WhiteHawk's proposal offers a substantial premium over PHX's recent trading prices.
- WhiteHawk has demonstrated financing for the proposed $4.00 per share all-cash transaction.
- The acquisition is expected to benefit all PHX stockholders.
- PHX's Board has not yet engaged in discussions with WhiteHawk regarding the proposal.
Insights
WhiteHawk Energy's
The bid's structure as an all-cash transaction reduces execution risk and provides immediate liquidity for shareholders. WhiteHawk's track record of managing
The public nature of this proposal and call for board engagement suggests previous private attempts at negotiation were unsuccessful. This hostile approach could potentially lead to a higher offer or attract competing bidders, though it may also result in a prolonged takeover process.
The strategic value of this potential acquisition lies in consolidating prime natural gas assets in the Haynesville and Marcellus Shales, two of North America's most productive gas basins. WhiteHawk's existing operational presence in these regions could yield significant synergies through operational optimization and enhanced scale.
The timing is particularly relevant given the growing importance of natural gas in the energy transition and increasing global demand for LNG exports. PHX's mineral rights portfolio would complement WhiteHawk's existing assets, potentially creating a more robust platform for capitalizing on these market dynamics.
Calls upon the PHX Board of Directors to engage with WhiteHawk to pursue and complete a transaction
Encourages PHX stockholders to reach out to PHX’s Board and ask them to engage with WhiteHawk around a value-maximizing transaction
“We are asking all stockholders to reach out to PHX to encourage discussions with WhiteHawk related to WhiteHawk’s all cash proposal of
WhiteHawk Energy strongly encourages all PHX stockholders to:
Reach out to PHX’s Board: Express your concerns about their lack of engagement around our proposal and demand transparency regarding their plans to maximize stockholder value.
PHX Investor Contact:
Rob Fink / Stephen Lee
FNK IR
646.809.4048
PHX@fnkir.com
PHX Corporate Contact:
405.948.1560
inquiry@phxmin.com
It's time for PHX to engage in good faith discussions about the future of the company. We remain committed to pursuing this value-creating opportunity and urge the Board to act in the best interests of all stockholders.
WhiteHawk is being advised by Stephens Inc. and Weil, Gotshal & Manges LLP.
Sincerely,
/s/ Daniel C. Herz
Daniel C. Herz
Chairman and Chief Executive Officer
WhiteHawk Energy, LLC
* * * *
About WhiteHawk Energy
WhiteHawk Energy, LLC is focused on acquiring mineral and royalty interests in top tier natural gas resource plays, including the Haynesville and Marcellus Shales. The management team at WhiteHawk Energy has successfully grown over
Additional Information
This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. This press release relates to a proposal which WhiteHawk has made for a combination with PHX. In furtherance of this proposal and subject to future developments, WhiteHawk (and, if a negotiated transaction is agreed, PHX) may file one or more registration statements, proxy statements or other documents with the
Investors and security holders of WhiteHawk and PHX are urged to read the proxy statement(s), registration statement, prospectus and/or other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any definitive proxy statement(s) or prospectus(es) (if and when available) will be mailed to stockholders of PHX, as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by PHX through the website maintained by the SEC at http://www.sec.gov.
This press release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, WhiteHawk and its executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements or other documents filed with the SEC if and when they become available. INVESTORS AND SECURITY HOLDERS OF PHX ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. These documents (if and when available) may be obtained free of charge from the SEC’s website at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Such statements are based on WhiteHawk’s management’s beliefs and assumptions based on information currently available to WhiteHawk’s management. All statements in this press release, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause WhiteHawk’s or PHX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, Item 1A, “Risk Factors” in PHX’s Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the fiscal year ended December 31, 2023 and in other filings with the SEC. These include, but are not limited to: (i) the ultimate outcome of any possible transaction between WhiteHawk and PHX, including the possibility that PHX will reject the proposed transaction with WhiteHawk; (ii) uncertainties as to whether PHX will cooperate with WhiteHawk regarding the proposed transaction; (iii) the effect of the announcement of the proposed transaction on the ability of WhiteHawk and PHX to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (iv) the timing of the proposed transaction; (v) the ability to satisfy closing conditions to the completion of the proposed transaction (including any necessary stockholder approvals); (vi) other risks related to the completion of the proposed transaction and actions related thereto; (vii) changes in demand for WhiteHawk’s or PHX’s products or services; (viii) impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from the COVID-19 pandemic, international military conflicts, or similar events impacting public health and/or economic activity; (ix) adverse impacts to WhiteHawk or PHX and their respective customers from inflation, unfavorable foreign currency rate fluctuations, changes in federal or state tax laws; and (x) security breaches, including ransomware, or a failure of WhiteHawk’s or PHX’s respective networks, systems or technology.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112164937/en/
WhiteHawk Corporate Contact:
610.484.3412
info@whitehawkenergy.com
Source: WhiteHawk Energy, LLC
FAQ
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