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Evergy turns down multibillion bid from Florida-based NextEra

Following a summer of seeking potential takeover bids, Evergy has rejected a $15 billion acquisition offer from NextEra Energy Inc. Evergy says the price is insufficient among other reasons; it is not known if NextEra will re-bid.

Evergy Inc. rejected a $15 billion all-stock acquisition offer from NextEra Energy Inc., Reuters reported Monday. 

It’s unclear whether NextEra will take a new approach to a potential acquisition, though the company has no immediate plans to try again, sources told Reuters. Duke Energy Corp. turned down a similar offer from NextEra in September. 

NextEra has valued Evergy at about $60 per share, according to Reuters. Evergy said the price was insufficient and that it needed a plan to deal with regulatory hurdles. 

Evergy sought potential bids for takeover over the summer as part of a deal with New York-based activist investor Elliott Management Corp. It ultimately decided to remain independent.

Elliot Management, which has said it controls about 11.3 million shares of Evergy, first approached Kansas City’s utility company last October. It questioned Evergy’s management and strategy and suggested that it sell or pursue a new business plan. 

Evergy adopted a new strategic plan, and Elliot said it would work with the board during a 90-day period to execute it. The plan calls for Evergy to put more money into the utility’s system, up the rate base and use more renewable energy.