Continental Resources jumps on $70/share offer from billionaire owner Hamm | MLPs Message Board Posts


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Msg  137551 of 139053  at  6/14/2022 8:41:00 PM  by

rlp2451


Continental Resources jumps on $70/share offer from billionaire owner Hamm

Continental Resources jumps on $70/share offer from billionaire owner Hamm

Jun. 14, 2022 12:12 PM ETContinental Resources, Inc. (CLR)By: Joshua Fineman, SA News Editor13 Comments
  • Update 12:13pm: Adds comment from CLR holder Smead Capital.
  • Continental Resources (NYSE:CLR) rose 15% after billionaire Harold Hamm offered to buy the remainder of the shale driller he and his family don't already own for $4.3 billion, or $70/share.
  • The $70 offer represents a 9% premium over Continental's (CLR) closing price on Monday. The Hamm Family collectively owns 83% of the total outstanding shares of common stock.
  • The CLR board said it will form a special committee of independent directors to consider the proposal, according to a statement.
  • The proposed transaction would be structured as a tender offer for any and all shares of common stock followed by a merger without a vote of CLR holders, Hamm said in a letter to the CLR board.
  • "The Hamm Family is well positioned to negotiate and complete the proposed Transaction, including obtaining any required financing, in an expeditious manner," Hamm said in the letter. "If this proposal is acceptable to the special committee, the Hamm Family is prepared to immediately negotiate definitive agreements in respect of the proposed transaction."
  • Smead Capital, which owns a 1.99% stake in CLR and is the second biggest institutional holder after Hamm and his family, said the offer undervalues the company and $100/share would be the minimum offer, according to a DJ report.
  • Last month Continental reported Q1 results including clean quarter following recent acquisitions and updates.


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