Pepco Holdings Inc. stock spiked April 29 following a report in a trade publication that the company could be in talks to be bought.
According to reports, Pepco ordered a review of its business, and discussions are ongoing with several prospective buyers.
Joseph Rigby, the utility company’s president and CEO said in January that he would retire. In 2015, Rigby will step down as CEO and chairman of the board. The company is searching for a replacement.
Pepco has reported more than $5 billion in revenue.
Pepco serves Washington, D.C. and its Maryland suburbs, Delmarva Power serves the Delaware and Maryland portions of the Delmarva Peninsula, and Atlantic City Electric serves South Jersey.