Hamm aims to take Continental back to the future

Founder and chairman sees value in privacy

Billionaire Harold Hamm launched a bid in June to acquire the shares in US independent Continental Resources that he does not own already. If the bid is successful, it would turn the company back into a private one, giving it—in Hamm’s view—greater operating freedom. The Hamm family currently owns c. 83pc of Continental’s common stock. Under the proposal, a new entity acting on behalf of the family would acquire the remainder of the stock for $70 per share. The bid values Continental at $25.4bn and represents a 9pc premium to the closing price of the stock on 13 June. In a letter to the company, Hamm also notes it represents an 11pc premium to the stock’s average price in the 30 days up to t