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.
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