Quanta Tells Shareholders to Reject UtiliCorp Bid

Publish date:

Quanta Services

(PWR) - Get Report

is advising its shareholders to reject

a bid from

UtiliCorp United


, the company's single biggest stockholder, to take over the board.

In a letter Quanta sent to shareholders, the company said "we believe UtiliCorp is trying to steal control of Quanta without offering you and our other stockholders appropriate benefits or protections."

Quanta said energy provider UtiliCorp is trying to acquire the company in order to meet analysts' earnings estimates, an allegation Quanta raised earlier this month. "Simply put, without offering you anything, UtiliCorp is trying to achieve its own self-serving accounting and financial agenda," Quanta said in the letter.

Shares of Quanta were recently losing 36 cents, or 2.4%, to $14.60. UtiliCorp was off 20 cents, or 0.9%, at $22.56.