Hamm Family Proposes Full Takeover of Continental Resources

Source: Continental Resources

The Hamm family has proposed to take over petroleum and natural exploration and production firm Continental Resources Inc. CLR is up 8.82%, while PEMEX is down 3.98%.

• Continental Resources said the proposal came from Harold Hamm, the Harold G. Hamm Trust, and certain trusts for the Hamm family members.
• The Hamm family seeks to acquire all Continental Resources’ outstanding shares of common stock at $70.00 apiece.
• The proposed price is equivalent to a 9% premium over the closing price on June 13, 2022, and 11% higher than the 30-day volume-weighted average.
• The Hamm family already owns 83% of the total outstanding shares, based on the latest quarterly report released in May.
• The board of the company is set to create a special committee that will consider the proposal.