Hawaii Electric Up On Sale Reports (HE)

Shares of Hawaiian Electric Industries, Inc. HE are spiking today, on the rumors that the company could be the target of an LBO. A company called Kuokoa Inc. was formed just a few months ago with the intent of buying all the shares of Hawaiian Electric Industries. Hawaiian Electric Industries is a holding company, which contains American Savings Bank, Hawaiian Electric Co., Maui Electric Co., and Hawaii Electric and Light Co. As part of the transaction, Kuokoa would sell American Savings Bank. At last check, shares of Hawaiin Electric were up $1.58 to $25.45, a gain of 6.6%.