Energy Prospectus

OKLAHOMA CITY, Oct. 17, 2022 /PRNewswire/ -- Continental Resources, Inc. (NYSE: CLR) today announced that it has entered into an Agreement and Plan of Merger (the "Merger Agreement") with Omega Acquisition, Inc., an Oklahoma corporation ("Merger Sub"), an entity that is owned by Continental's founder, Harold G. Hamm. Pursuant to the Merger Agreement, Merger Sub will commence a tender offer to purchase any and all of the outstanding shares of Continental's common stock at $74.28 per share (the "Offer Price"), other than (i) shares of common stock owned directly or indirectly by Mr. Hamm and the Hamm family and (ii) shares of common stock underlying unvested equity awards issued pursuant to Continental's long-term incentive plans (the "Rollover Shares"). Based on the shares outstanding as of October 12, 2022, the tender offer would be for approximately 58 million shares of common stock. The Offer Price includes $0.28 in lieu of Continental's anticipated dividend for the third quarter of 2022. Accordingly, and consistent with the Merger Agreement, Continental will not pay dividends between the signing and closing of the Transaction (as defined below).

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Target price was $ 92

Either the target was too high or Hamm is stealing this at $ 74

There is nothing stopping another company from stepping up to make a higher bid. That has happened in similar situations. It happened to us at Hess in the late 1990s while I was working there. We announced an acquisition and a week later our bid was topped.

When considering where all upstream companies are trading today, the price Harold is paying seems reasonable.