ITC to hold strategy review that may include sale of company

New York: ITC Holdings Corp. said its board has begun a strategic review that may result in a possible sale of the US electricity-transmission company.

The board hasn’t made a decision to enter into any transaction at this time, and there are no guarantees that the review will result in any deal, the Novi, Michigan-based power network said Monday in a statement. Shares of ITC surged as much as 13 per cent earlier Monday, their biggest intraday jump in more than a decade, after Bloomberg reported the company was exploring a sale. The stock closed up 9.3 per cent at $36.88 in New York, lifting its market value to more than $5.6 billion.