Billionaire founder moves to take Continental Resources private

Harold Hamm, the billionaire founder of Continental Resources, has launched a bid to take the US energy firm private.

Continental said it had received a non-binding, all-cash offer of $70 per share for the 17% of the business that the Hamm family does not already own. At a 9% premium to the group’s closing share price on Monday, the bid values Continental at $25.41bn.

Shares in Continental jumped nearly 10% in pre-market trading following the announcement.

The oil producer, which has significant operations in the Bakken shale fields in North Dakota and Montana as well as the Anadarko Basin in Oklahoma, said it would set up a committee of independent directors to consider the proposal.

It continued: "The proposal constitutes only an indication of interest by the Hamm family and does not constitute a binding commitment with respect to the proposed transaction."

Continental added that should the committee reject the proposal, the family would continue as long-term shareholders and would not push for strategic change.