Mirant (MIR) said it would explore strategic alternatives, including a sale of the company.
The Atlanta-based power company said it has made significant progress in its plan to sell its Philippine business, six U.S. natural gas-fired plants and its Caribbean business. Mirant said it will weigh whether it's best to return excess cash from those sales to stockholders, with the company continuing to operate its retained businesses, or whether greater stockholder value would be achieved by another transaction.
Mirant said it doesn't expect to consider making an acquisition. JPMorgan will serve as its financial adviser.
"We are commencing this exploration of alternatives in order to provide our stockholders with the greatest possible value," said Edward R. Muller, chairman and chief executive officer.