ITC Jumps the Most in 10 Years as Company Explores Saleby
ITC Holdings Corp., the largest independent U.S. electricity-transmission company, rose the most in a decade following a report that the company is said to be exploring a sale.
The stock rose as much as 13 percent on Monday, the steepest daily gain since July 26, 2005. Shares were up 9.3 percent to $36.90 at 1:09 p.m. in New York.
ITC, based in Novi, Michigan, is working with financial advisers to seek potential buyers, according to a report by Bloomberg News citing people with knowledge of the matter. Representatives for ITC didn’t immediately respond to requests for comment.