Ascendant Group is officially seeking a buyer after the company’s board invited a group of prospective new owners to make takeover offers.

The news came yesterday afternoon in a statement from Ascendant.

In January, the parent company of power utility Belco started a review of its strategic options, including consideration of a potential sale.

Trading of Ascendant’s shares was suspended yesterday morning by the Bermuda Stock Exchange at the company’s request ahead of the afternoon announcement.

The BSX ended the voluntary suspension, with immediate effect, this morning.

Ascendant stated: “The board, with the assistance of its financial adviser Guggenheim Securities LLC, following a robust assessment process, has decided to invite a select group of globally respected firms to each submit a definitive proposal to purchase the company.

“The board is impressed with the number and quality of firms that have expressed an interest in Ascendant.”

The company did not identify the interested parties, nor say how many firms wanted to enter the bidding.

“Through these proposals, the board will seek access to the capital resources, operational knowledge and technological innovation necessary to advance the company’s efforts to reduce the cost of electricity and meet future challenges that will benefit the community as a whole,” Ascendant added.

“Whatever strategic option is pursued, the board will fully consider the interests of the company’s customers, employees, shareholders, and the community. Whether the board ultimately recommends the sale of Ascendant will be dependent on the outcome of the process.

“We will continue to work cooperatively with all stakeholders, including our regulators, throughout this process to ensure the best outcome for Bermuda.”

The company added that it had suspended its share repurchase programme. Last year, the company invested more than $10 million on buying back its own shares, as the share price doubled.