Montauk Renewables Studies Options Including a Potential Sale – Bloomberg
2022.08.03 22:26
Montauk Renewables (MNTK) Studies Options Including a Potential Sale – Bloomberg
By Sam Boughedda
Montauk Renewables Inc (NASDAQ:MNTK) is exploring options, including a potential sale, according to Bloomberg.
According to Bloomberg sources, the renewable energy company is exploring its options at a time when major oil firms are looking to acquire alternative energy companies.
Montauk, which is based in Pittsburgh, Pennsylvania, and produces energy from methane collected at landfills, is said to be working with an advisor to assess the strategic alternatives. South African businessman John Copelyn is its biggest shareholder, with an approximately 40% stake, according to Bloomberg analysis.
Shares of Montauk jumped to $14.54 following the news, although they are currently at $13.44, up 6.4% on the day.
A final decision has not yet been made, with Bloomberg sources cautioning that the company could still choose to remain independent.
