Continental Resources (CLR) was up nearly 15% early Tuesday after it received a non-binding proposal from the Hamm family to acquire the remaining stake it does not already own in the company for $70 per share.
The offer represents a 9% premium to Continental's closing stock price on Monday, a roughly 11% premium to the company's volume weighted average price during the last 30 trading days and a 21% premium to the volume weighted average price of the stock traded during the year.
The company said its board intends to form a special committee of independent directors to evaluate the proposal. The Hamm family currently owns 83% of Continental.
Price: 73.89, Change: +9.39, Percent Change: +14.56
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