- Continental Resources (CLR) stock is moving on a takeover offer from Harold Hamm.
- He’s offering $70 in cash for each share of CLR.
- Hamm is the founder of Continental Resources from back when it went by Shelly Dean Oil Company.
Continental Resources (NYSE:CLR) stock is rising Monday on news that billionaire Harold G. Hamm wants to take the oil company private.
According to a press release from Continental Resources, Hamm is offering to buy all outstanding shares of CLR stock for $70 each. The billionaire would use cash to fund the deal, and it represents a 9% premium over the stock’s closing price on Monday.
Hamm is working together with Harold G. Hamm Trust, as well as trusts of other family members, for the offer to take Continental Resources private. It’s worth mentioning that these groups together hold 83% of all outstanding shares of CLR stock.
If you’re unfamiliar with Harold Hamm and Continental Resources, that stake in the company may come as a surprise. Hamm’s holdings in CLR are due to his founding of Shelly Dean Oil Company in 1967, which went on to become Continental Resources in 1990. It’s this business that made him a billionaire to begin with.
News of the offer from Hamm has CLR stock seeing heavy trading today. As of this writing, more than 3 million shares of the stock have changed hands. That’s already double its daily average trading volume of 1.5 million shares.
CLR stock is up 14.5% as of Tuesday morning.
Investors seeking out more recent stock market news are in the right place!
InvestorPlace offers up all the latest stock news traders need to know about for Tuesday! Among that is why shares of Clovis Oncology (NASDAQ:CLVS), Coinbase (NASDAQ:COIN) and Oracle (NYSE:ORCL) stock are moving. You can read all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.