After initially reaching out to several potential buyers to see what the appetite would be for an acquisition, Evergy has announced that it will proceed as an independent company. This is despite several major parties expressing interest in an acquisition.
Investors were optimistic about the company’s plans to explore a sale; however, the board decided today that the offers received did not provide sufficient value to shareholders.
Evergy is an electric utility servicing over 1,000,000 commercial and residential customers in the midwest. The company generates energy from more than 40 power plants and includes 28,000 square miles within its service area. It was pushed to consider a sale by Elliot Management or improve operations, it now appears to be pursuing the latter option.