Deals
Shale Titan Hamm Ups Continental Offer in Bid for ‘Freedom’
- Oil tycoon sees ‘freedom to invest’ as a closely held producer
- Biggest minority investor criticizes newest offer as too low
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Billionaire wildcatter Harold Hamm boosted his offer for the Continental Resources Inc. stock his family doesn’t already own to $4.3 billion as he seeks “freedom to invest” and buck the disciplined-spending mantra adopted by rival shale drillers.
The Oklahoma City-based company said in a statement Monday it has entered into a merger agreement with Hamm, who is now offering $74.28 a share in cash. That represents a 15% premium to the closing price on June 13, the day before Hamm’s family disclosed its initial $70 proposal. The stock rose as much as 8.7% for its best intraday performance in more than four months.