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
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them