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Harold Hamm, CEO of Continental Sources Shale Oil Firm, delivers a speech on the third day of the Republican Nationwide Conference on July 20, 2016 on the Quicken Loans Area in Cleveland, Ohio.
Alex Wong | Getty Photos
Shale producer Continental Sources stated on Tuesday it has acquired an all-cash buyout proposal from its founder Harold Hamm, valuing the corporate at $25.41 billion.
Hamm household holds about 83% of the full excellent shares of the corporate’s widespread inventory. The proposal of $70 per share represents about 9% premium over Continental’s final closing worth.
Continental stated the board would kind a particular committee to think about the proposal.
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