CLR - Continental Resources large holder says Hamm revised offer is still too low
- Harold Hamm's latest offer to take Continental Resources ( NYSE: CLR ) private is still too low, according to Smead Capital Management, the oil explorer's biggest minority investor.
- Cole Smead, president and portfolio of Smead Capital believes that the $74.28/share offer is too low and Hamm should pay about $90, according to a Bloomberg report, which cited an interview with Smead. Continental Resources ( CLR ) rose 8.6% on the Hamm news.
- Smead said he would like to see Devon Energy ( DVN ) make a bid for Continental Resources ( CLR ). A shareholder vote isn't required for Hamm to complete his takeover of CLR. Smead told Bloomberg he's deciding whether to take legal action.
- Smead Capital, which owned 7.1 million shares or a 1.97% stake in Continental Resources ( CLR ), is the largest shareholder after Hamm and his family.
- Smead's latest comments come after the investor said in late June that said that billionaire Hamm was trying to "steal" the shale driller from shareholders with his original bid and that Co ntinental ( CLR ) is worth $100/share at a minimum.
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Continental Resources large holder says Hamm revised offer is still too low