(Reuters) -Shale producer Continental Resources Inc said on Tuesday it has received an all-cash buyout proposal from its founder Harold Hamm, valuing the company at $25.41 billion.
Hamm family holds about 83% of the total outstanding shares of the company's common stock. The proposal of $70 per share represents about 9% premium over Continental's last closing price.
Continental said the board would form a special committee to consider the proposal.
(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)
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Founder of Continental Resources, Inc., Save Domestic Oil, Inc. and Domestic Energy Producers Alliance, Harold G. Hamm is an entrepreneur and businessperson who has been at the helm of 10 different companies and holds the position of Executive Chairman of Continental Resources, Inc., Co-Chairman for Council For A Secure America, Chairman of Hiland Partners GP LLC and Chairman of Hiland Partners GP Holdings LLC. Mr. Hamm is also on the board of National Fish & Wildlife Foundation and The Petroleum Alliance of Oklahoma and Chairman for Domestic Energy Producers Alliance. In his past career Mr. Hamm was Chairman of Save Domestic Oil, Inc., Chairman of Hiland Partners LP, Chairman of Hiland Holdings GP LP, President & Chief Executive Officer for Continental Gas, Inc., President for National Stripper Well Association and Director at Oklahoma Medical Research Foundation.
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| CONTINENTAL RESOURCES, INC. | Founder |
| Hiland Partners GP LLC | Chairman |
