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Billionaire-founder Harold Hamm offers to take Continental Resources private in $25 billion deal


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Harold Hamm, CEO of Continental Resources Shale Oil Company, delivers a speech on the third day of the Republican National Convention on July 20, 2016 at the Quicken Loans Arena in Cleveland, Ohio.
Alex Wong | Getty Images

Shale producer Continental Resources 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.

This story is developing. Please check back for updates.

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