IBDRY - Why PNM Resources Stock Jumped 8% Today
Shares of energy holding company PNM Resources (NYSE: PNM) jumped 8% today after it announced it was merging with Avangrid (NYSE: AGR) , the U.S. energy operations of Spanish utility Iberdrola (OTC: IBDRY) .
PNM Resources shareholders will receive $50.30 in cash for each of their shares, representing a 10% increase over Tuesday's closing price.
PNM Resources is the holding company for its regulated electric utilities PNM and TNMP. The combined utilities have generating capacity of over 2,800 megawatts and serve approximately 790,000 homes in New Mexico and Texas.
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Why PNM Resources Stock Jumped 8% Today