Why Continental Resources Stock Is Rising Today

Continental Resources Inc CLR shares are trading higher Tuesday after the company announced the receipt of a "take private" proposal from the Hamm family.

Harold G. Hamm sent a non-binding proposal letter on behalf of himself, the Harold G. Hamm Trust and certain trusts established for the benefit of his family members to acquire all outstanding shares of the company for $70 per share in cash. 

Continental noted that it hasn't had an opportunity to carefully review and evaluate the proposal or make any decisions. Continental's board intends to establish a special committee consisting of independent directors to consider the proposal. 

See Also: Morning Brief: Top Financial Stories Dominating on Tuesday, June 14

CLR Price Action: Continental Resources has traded between $73.54 and $31.40 over a 52-week period.

The stock was up 15.4% at $74.40 at press time, according to data from Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.

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