Ameren Corp. is preparing to make a final offer for Westar Energy Inc., the Topeka, Kansas-based utility exploring options including a sale, people with knowledge of the matter said.
Westar, working with Guggenheim Partners, asked interested suitors to submit binding offers by May 23, said the people, who asked not to be identified because the information is private.
Great Plains Energy Inc. also expressed interest in Westar, one of the people said. The Kansas City-based utility has been seeking to partner with a financial investor such as a pension fund or infrastructure fund to help raise the cash necessary to buy its larger rival, the person said. It’s not clear whether Great Plains will move forward with a final offer, or if other potential buyers are still in the mix.
No agreement has been finalized and Westar could decide to remain independent. A decision could come by the end of the month, according to the people familiar with the situation.
Spokeswomen for Westar and Great Plains declined to comment, as did a spokesman for Guggenheim. A representative for Ameren also declined to comment.
Read more: Bloomberg