PHX Minerals Board Of Directors Unanimously Rejects Unsolicited Proposal From WhiteHawk Income Corporation
Portfolio Pulse from Benzinga Newsdesk
PHX Minerals' board of directors has unanimously rejected an unsolicited proposal from WhiteHawk Income Corporation. The board deemed the proposal as grossly inadequate in terms of value offered to PHX and its stockholders, overstating the value of WhiteHawk's assets, and highly dilutive to PHX stockholders.
August 15, 2023 | 1:19 pm
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PHX Minerals' rejection of WhiteHawk's proposal could be seen as a positive move by investors, as the board believes it is not in the best interest of stockholders.
The board's decision to reject the proposal indicates their commitment to protecting stockholder value. This could boost investor confidence in the company's management and potentially lead to a short-term increase in the stock price.
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