PNM Resources Inc., an electric utility based in Albuquerque, New Mexico, seems to be set on remaining independent despite a flurry of recent buyout offers. Sources tell The Deal's Senior Writer Amanda Levin that PNM is an attractive target as a pure-play regulated utility in the Southwest, a high-growth region--and also because of its size. With a $2 billion market cap and a $4.07 billion enterprise value, PNM would be a digestible acquisition for infrastructure funds or small utilities, those sources said. However, CEO Patricia Collawn may want more time at the helm to realize her vision for the company. The Deal's Senior Reporter Lisa Allen has the details from New York.
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