WhiteHawk Energy reiterated its bid to acquire PHX Minerals (PHX) at $4 a share, reflecting a 19% premium to PHX's 90-day volume weighted average price as of Friday.
The nonbinding offer was reiterated in a letter to PHX Chairman Mark Behrman, closely held Whitehawk said Monday in a statement.
WhiteHawk, based in Philadelphia, said it owns 946,506 common shares of PHX, or 2.5% of the company. It urged the PHX board to "engage with WhiteHawk to pursue and complete a transaction following unwillingness to engage over the past 18 months."
PHX didn't immediately respond to a request for comment from MT Newswires.
Shares of PHX, based in Oklahoma City, jumped 6.6% in after-hours activity.
Price: 3.7400, Change: +0.2300, Percent Change: +6.5527
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