Continental Resources to be acquired in $27bn deal by Harold Hamm and family

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US-based oil producer has signed an agreement to be acquired by an entity owned by its founder Harold G. Hamm and his family in a deal worth $27bn.

The acquisition will be made by -based Omega Acquisition which is owned by Harold Hamm.

Under the terms of the agreement, Omega Acquisition will initiate a tender offer to buy any and all of the outstanding shares of Continental Resources’ common stock at $74.28 per share, which represents a 15% premium to the closing price of the common stock of $64.5 as of 13 June 2022.

The tender offer is expected to be made for approximately 58 million shares of common stock.

Harold Hamm and the rest of his family own approximately 83% of Continental’s common stock.

Currently, Harold Hamm is the chairman of Board of Directors.

US-based oil producer Continental Resources to be acquired in $27bn deal by its founder Harold Hamm and family

US-based oil producer to be acquired in $27bn deal by its founder Harold Hamm and family. Photo courtesy of John R Perry from Pixabay.

The City -based oil company stated: “Continental’s Board of Directors, acting on the unanimous recommendation of a special committee consisting solely of independent and disinterested directors, has approved the Merger Agreement and the transactions contemplated thereby and recommended that Continental’s shareholders tender their shares of common stock pursuant to the tender offer.”

Intrepid Partners is serving as financial advisor to the founder in connection with the transaction, while Vinson & Elkins is acting as legal counsel to him.

is one of the top oil producers in the Bakken play of and Montana, which is considered the field in the US.

The company also has major oil producing operations in the Anadarko Basin of Oklahoma, the Powder River Basin of Wyoming and the Permian Basin of Texas.

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