Empire District confirms interest in selling

Joplin-based Empire District Electric Co. (NYSE: EDE) officials yesterday released a statement in response to media reports the company is seeking a buyout.

On Dec. 11, Bloomberg Business cited anonymous sources saying the utility provider is working with an adviser to attract potential buyers.

Empire District officials yesterday confirmed the company has retained a financial adviser to explore its options but mostly was mum on the details.

“Empire confirms that it is in the early stages of exploring strategic alternatives,” officials said in the statement, noting company officials would not provide additional comment at this time. “No decision regarding the strategic alternatives has been made by the board of directors.

“No assurances can be given that Empire’s board of directors will act on any specific strategic alternative.”

On Friday, Empire District’s shares opened at $22.53 and rose to $27.10 before closing at $24.54. As of 9:47 a.m., EDE shares were trading at $24.99, compared to a 52-week range of $20.69 to $31.49.

In the third quarter, Empire District posted earnings of $25.3 million, a 6 percent increase from $23.9 million a year earlier. The company serves 218,000 customers in Missouri, Kansas, Oklahoma and Arkansas. Its Show-Me State service area includes Greene County.