(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)
