Harold Hamm and family offered to pay $70-a-share in cash for Continental Resources.
Photograph by Andrew Harrer/Bloomberg
Oil producer Continental Resources ’s increased after billionaire Harold G. Hamm tabled a proposal to take the company private at $70-a-share in cash.
The stock (ticker: CLR) rose 7% to $68.90 on Tuesday’s premarket trading.
The Hamm family already owns over 80% of shares in Continental and is now trying to take the company private. Their offer represents an approximate 9% premium over Continental’s closing price on June 13, 2022,
Continental said it only recently received the offer and hasn’t had the time to evaluate it. The company’s board will look to establish a special committee to consider the proposal.
Write to Karishma Vanjani at [email protected]
