CLR - Continental Resources jumps on $70/share offer from billionaire owner Hamm (update)
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
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Continental Resources jumps on $70/share offer from billionaire owner Hamm (update)