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

Continental Resources (NYSE:CLR) rose 7% after billionaire Howard Hamm offered to buy the remainder of the oil company he and his family didn't already own for $70/share. The offer $70 offer represents a 9% premium over Continental's 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

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