Harold Hamm Launches $4.4 Billion Cash Offer to Take Continental Resources Private

Harold Hamm, an industry icon who helped lead the charge to lift America’s 40-year-old ban on U.S. crude oil exports, founded Continental Resources in 1967 at the age of 21.

Emily

Patsy

Hart Energy

Tue, 06/14/2022 - 08:25 AM

Harold Hamm Launches $4.4 Billion Cash Offer to Take Continental Resources Private

On behalf of his family’s trusts, Harold Hamm proposes to take Continental Resource—the company he founded in 1967—private with an offer to acquire all remaining outstanding shares of Continental common stock for $70 per share in cash, representing an approximate 9% premium. (Source: Hart Energy)

Continental Resources Inc. received a $4.4 billion cash “take private” proposal from its founder Harold G. Hamm, the shale producer unveiled in a company release on June 14.

“Continental cautions its shareholders and others considering trading in Continental’s securities that Continental has only recently received the Hamm Family’s proposal and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to Continental’s response to the proposal,” the company said in the release.

Continental received a non-binding proposal letter dated June 13 from Hamm, on behalf of his family’s trusts, to acquire all remaining outstanding shares of Continental common stock for $70 per share in cash, valuing the company at $25.41 billion.