NEW YORK (TheStreet) -- Westar Energy (WR) stock closed higher by 1.77% to $50.61 in Friday's trading session, after the company received takeover interest from rival utility company Ameren (AEE) and an investor consortium including Borealis Infrastructure Management and the Canada Pension Plan Investment Board, sources told Bloomberg.
Westar is working with Guggenheim Partners to gauge interest, Bloomberg adds.
Initial bids for the company, which has a market value of roughly $7 billion, are due next week.
Based in Topeka, Westar Energy is the biggest electric utility in Kansas.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.
Westar Energy's strengths such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: WR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.