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Hawaiian Electric Industries Inc.’s stock lost $257 million, or 7 percent, of its value Monday on the first trading day after the state Public Utilities Commission rejected NextEra Energy Inc.’s $4.3 billion acquisition bid for Hawaii’s dominant utility.
The parent of Hawaiian Electric Co., Maui Electric Co. and Hawaii Electric Light Co., and of American Savings Bank, saw its shares sink $2.38, to $30.10, as 2.9 million shares exchanged hands. That was more than eight times the company’s 12-month average daily volume of 352,506 shares.
NextEra’s shares increased 0.5 percent, or 67 cents, to $128.25.
HEI’s stock is still 6.8 percent above its closing price of $28.19 on Dec. 3, 2014, when Florida-based NextEra announced it was proposing to buy HEI and spin off American Savings. HEI’s stock rose as high as $34.48 on June 29 before trading in a range of $32 to $33 just prior to the PUC’s announcement, which was made after the market closed Friday.
During the same 19-month period, NextEra’s stock also rose higher. NextEra’s stock, which traded at $104.39 when it made the bid for HEI, has risen 22.9 percent since that time.
