US energy company Evergy Inc. says it plans to remain independent after the board of the U.S. Midwest utility decided that bids solicited from prospective merger partners did not offer sufficient value, two sources familiar with the matter said on Tuesday.
The company had been reviewing strategic options under a March agreement with activist investor Elliott Management Corp, which earlier this year demanded Evergy find a merger partner or implement changes aimed at bolstering the utility’s stock price.
A number of bidders submitted offers for Evergy by last week’s deadline, proposals which were reviewed by the company’s board in consultation with its advisers in recent days.
These offers were not considered acceptable, and the company will unveil a new strategic plan to operate as an independent company on Wednesday, as part of its scheduled earnings announcement, the two sources said, speaking on condition of anonymity as the information is not public.
A spokeswoman for Evergy declined to comment. Bloomberg News reported earlier on Tuesday that Evergy had decided to forgo a sale.
