- The Hamm Family non-binding acquisition application saw Continental Resources gaining 8%.
- The Hamm Family pays $70 to buy outstanding shares.
- Hamm Family sent a proposal recently.
Continental Resources Inc. shares gained 8% following the announcement that its directors received an offer from Harold Hamm to buy its outstanding common shares, not in Hamm Family holdings. Also, the proposal seeks to obtain stocks offered under the firm’s long-term incentives.
Hamm Family to Buy Outstanding Stocks at $70
Harold presented the application on behalf of Harold G. Hamm trusts, himself, and other trusts formed to benefit the Hamm Family. Meanwhile, the $70 proposition per share shows a 10% increase in the company’s share closing price on 13 June 2022, an 11% surge in volume-weighted price within the past trading sessions to 13 June, and a 21% uptick over the volume-weighted common stock traded this year. Collectively, the Family owns nearly 83% of overall outstanding common shares.
The board wants to formulate a special committee comprising independent directors, to evaluate the offer. Moreover, it expects the special committee to employ experts to aid in the process to include financial advisors.
Hamm Family Submitted Proposal Recently
Continental warns stockholders and others planning to trade its stocks that it received the Hamm Family’s proposal not long ago. That meant the company didn’t have time to evaluate the offer and act according to Continental’s response to the request. The proposal expresses the Hamm Family’s desire and isn’t a contract to the offered deal or related transactions.
The Hamm Family and the company won’t ink any agreement, commitment, or agreement relating to the offered deal until and unless signed formal documentation comes from the Hamm Family, Continental, and all required parties.
Continental doesn’t commit to providing updates or more disclosures concerning the proposals and other moves unless the law requests.
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