Harold Hamm, the billionaire executive chairman of Continental Resources Inc., has put forth a nonbinding proposal to acquire for cash all outstanding common shares at a 9% premium to Monday’s closing price to take the largest Bakken Shale producer private.

Continental Resources

At Hamm’s offer price of $70.00/share, the outstanding shares would be valued at about $4.4 billion. Continental is the No. 1 producer in the Bakken Shale and the Anadarko Basin. The independent also is the No. 2 leaseholder in the Powder River Basin and is No. 10 in the Permian Basin.

The Oklahoma City-based company’s board said it had received the proposal from Hamm on behalf of himself and his family.

“The board intends to establish a special committee consisting of independent directors of the Board to consider...