11:01 AM EST, 03/07/2024 (MT Newswires) -- (Updates with stock price movement in the headline and last paragraph)

Avangrid ( AGR ) said Thursday it had received a non-binding offer of $34.25 per share to take the company private from its controlling company, Iberdrola.

Iberdrola already owns approximately 81.6% of the sustainable energy company's outstanding shares, Avangrid ( AGR ) said.

Avangrid's ( AGR ) board met Wednesday and determined that a committee unaffiliated with either party and advised by independent financial and legal experts will review, evaluate, negotiate, and approve or disapprove the proposal as well as any other alternatives that may be available.

Shares of Avangrid ( AGR ) added more than 12% in recent Thursday trading.

Price: 36.14, Change: +4.06, Percent Change: +12.66