Continental Resources stock jumps 8% premarket after company gets ‘take private’ proposal from Harold Hamm at $70 a share

Continental Resources Inc. shares soared 8% in premarket trade Tuesday, after the company said it has received a “take private” proposal from oil and gas entrepreneur Harold G. Hamm and family at $70 a share in cash. The businessman and his family own about 83% of the company’s outstanding stock and are now offering to buy the shares they do not already own, the Oklahoma City-based company said in a statement. The $70 price offer is equal to a 9% premium over the stock’s closing price on Monday, and a premium of about 11% over its to its volume weighted average price during the last 30 trading days through June 13. It offers a 21% premium over the volume weighted average price of the common stock traded during 2022. The board will create a special committee of independent directors to consider the offer. Shares have gained 44% in the year to date, outperforming the S&P 500 which is down 21%.

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