(Reuters) - Canadian construction company Aecon Group Inc (ARE.TO) said on Friday it had engaged two financial advisers to explore a potential sale of the company, sending its shares up as much as 26.7 percent.
The company said it was working with BMO Capital Markets and TD Securities, but added that there was no guarantee the process would result in any transaction or agreement.
“It is fair to say that we don’t believe that a Canadian entity would be a likely bidder for ARE,” said Maxim Sytchev, analyst with NBC Financial Markets.
The company had a market capitalization of about C$842 million ($674.73 million), according to Thomson Reuters data.
Aecon’s shares recorded their biggest intra-day percentage gain in more than 13 years after the stock hit a high of C$18.17.
Reporting by Anirban Paul in Bengaluru; Editing by Anil D'Silva