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Harold Hamm and household supplied to pay $70-a-share in money for Continental Resources.
Photograph by Andrew Harrer/Bloomberg
Oil producer
Continental Resources
’s
elevated after billionaire Harold G. Hamm tabled a proposal to take the corporate non-public at $70-a-share in money.
The inventory (ticker: CLR) rose 7% to $68.90 on Tuesday’s premarket buying and selling.
The Hamm household already owns over 80% of shares in Continental and is now making an attempt to take the corporate non-public. Their provide represents an approximate 9% premium over Continental’s closing worth on June 13, 2022,
Continental stated it solely just lately acquired the provide and hasn’t had the time to judge it. The firm’s board will look to determine a particular committee to contemplate the proposal.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com