TORONTO -- Aecon Group Inc.'s (TSX:ARE) stock price has soared after the construction firm confirmed it's exploring a potential sale of the company.
The Canadian firm said it has engaged BMO Capital Markets and TD Securities to look into the possibility of a sale, with the intent of creating shareholder value and increasing growth potential.
The company made the disclosure after regulators halted its stock because of a spike in its volume and price, but cautioned there is no guarantee that the process will lead to any agreements or a sale.
With the stock halt lifted, Aecon's share price soared $3.56 or 25 per cent to $17.92 in mid-afternoon trading.
Aecon and its predecessors have been involved in landmark construction projects in Canada including the CN Tower, the St. Lawrence Seaway, the Vancouver SkyTrain and the Halifax Shipyard.
The company has divisions in construction, mining, energy, and infrastructure, with headquarters in Toronto, Calgary, and Vancouver.
