WhiteHawk Finally Gets PHX Minerals to the Altar; Merger Done

Talk about shotgun weddings! WhiteHawk Energy has been smitten with PHX Minerals for two years. WhiteHawk repeatedly proposed marriage (M&A), yet PHX repeatedly gave WhiteHawk the cold shoulder (see our WhiteHawk/PHX articles here). After begging, pleading, threatening, and appealing to shareholders, WhiteHawk did it. In May, WhiteHawk, one of the largest royalty owners in the Marcellus Shale, announced a deal to acquire PHX Minerals Inc., a mineral rights owner with holdings in the Haynesville Shale and elsewhere, for $187 million, or $4.35 per share (see WhiteHawk Prevails, Gets PHX Minerals Down the Aisle for $187M). The deal closed yesterday, and PHX is now part of WhiteHawk.

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