The Board of Directors at Oklahoma City’s Continental Resource, Inc. indicated this week it has moved to explore founder Harold Hamm’s $70-a-share offer in a bid to take the company private.
His $4.4 billion cash “take private” offer was made in mid-June and the Board confirmed Wednesday it had formed a special committee of independent directors to evaluate and consider the Hamm Family’s proposal. The special committee also hired independent legal and financial advisors and the committee’s “evaluation is ongoing.”
Directors also issued a word of caution to its shareholders and others considering trading in securities that “the Hamm Family’s proposal constitutes only an indication of interest and does not constitute a binding commitment with respect to a proposed transaction.”
The cautionary note also advised that no assurance can be given that such proposal will result in a transaction occurring or its timing or ultimate terms.
Continental shares closed Wednesday at $63.30, gain of 34 cents or about half-a-point.
Continental intends to announce its second quarter 2022 earnings results on Thursday, July 28 following the close of trading on the New York Stock Exchange.
But in a rare move, apparently because of the offer from Hamm and his family, the leadership will not hold a conference call to discuss the results.