Financial experts not surprised that Empire electric might be sold

Financial experts not surprised that Empire electric might be sold
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Many financial experts in Joplin say it’s too early to comment on a possible sale of Joplin’s Empire District Electric Company. But those experts do say they’re not surprised.

Last week Friday, Bloomberg reported that Empire is exploring the possibility of selling. Empire isn’t releasing many details. The article that Bloomberg released last week appears to have prompted Empire to write a statement yesterday. Company officials say they are “exploring strategic alternatives.”

They are in preliminary talks right now, and add that no action might be taken.

Empire’s shares rose on the New York Stock Exchange 8.3 percent on Friday. An Empire spokesperson would not comment further on the matter. But Bloomberg says utilities have been consolidating to offset slow growth because of weak electricity demand.

Area financial experts say Empire has quietly offered their willingness in the past to be bought. Empire is the ninth largest employer in Joplin, with 785 full-time employees.

Click here for Empire’s media release. Click here for Bloomberg’s article.