PHX Minerals (PHX) said Thursday that its board has rejected WhiteHawk Energy's takeover proposal via an all-cash transaction of $4 per PHX share.
"As we communicated to WhiteHawk, the board of directors of PHX believes it is in the best interest of the company's stockholders to decline this proposal," PHX said.
The statement was issued after WhiteHawk urged PHX shareholders on Tuesday to reach out to the company's management and encourage discussions over the offer.
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