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.