9 April 2007 -- Mirant Corp. said its Board of Directors will explore "strategic alternatives" to enhance stockholder value.
The company said that it has made "significant progress" in implementing the program it announced in July and August 2006 to sell its Philippine business and six U.S. natural gas-fired plants (which sales are expected to close in the second quarter of 2007) and its Caribbean business (which sale is expected to close in mid-2007).
The Board will consider in the exploration process whether the interests of stockholders would be best served by returning excess cash from the sale proceeds to stockholders, with the company continuing to operate its retained businesses or, alternatively, whether greater stockholder value would be achieved by entering into a transaction with another company, including a sale of the company in its entirety. The company does not expect to consider making an acquisition as part of this exploration process. JPMorgan will serve as the financial advisor in this process.