On Sunday, the company issued the following statement:
-It is the policy of The Empire District Electric Company (“Empire” or “the Company”)(NYSE:EDE) not to confirm or deny market rumors. However, in response to recent media reports concerning the Company and last Friday’s stock trading activity, Empire confirms that it is in the early stages of exploring strategic alternatives, and has retained a financial advisor with regard to the exploration of such strategic alternatives. No decision regarding the strategic alternatives has been made by the Board of Directors.
Due to the preliminary nature of this exploration, neither the Company nor any of its representatives will be providing additional comment at this time. No assurances can be given that Empire’s Board of Directors will act on any specific strategic alternative. The Company does not intend to make any further press release or announcement regarding these matters unless and until there is a material change in circumstances.
The Company remains committed to continuing to provide safe and reliable service to its customers.
An article posted by Bloomberg Friday featured the following information:
Empire District Electric Co., a utility that supplies energy across the Midwestern U.S., is exploring a sale, according to people familiar with the matter.
The Joplin, Missouri-based company is working with an adviser as it seeks potential buyers, said the people, who asked not to be identified because the matter is private. The process is at an early stage, no final decision has been made, and the company may decide not to pursue a sale, they said.
Empire District’s shares rose 8.3 percent on Friday, giving the company a market value of about $1.1 billion.
Top Empire District Electric executives have $21 million in golden parachutes