(CLR) Shares of Continental Resources rose more than 9% in premarket on Tuesday after receiving a bid to go private by Harold G. Hamm.
Continental says Hamm Family’s proposal of $70.00 per share carries around a 9% premium to its closing price on June 13, 2022. The offer is also at an 11% premium to its volume-weighted average price during the month ending June 13.
The Hamm Family already owns a collective 83% of the total outstanding shares of Continental.
Continental board now plans to create a special committee to evaluate the bid. The company says that Hamm Family’s proposal does not constitute a binding commitment for a transaction and could still fall apart.
CLR: NYSE is up +9.30% in premarket.
