(Bloomberg) -- Evergy Inc., a utility under pressure by activist investor Elliott Management Corp., has decided to remain independent after talking to several potential buyers, according to people familiar with the matter. The stock fell more than 13% on the news.

The Kansas City, Missouri-based company had reached out to several potential suitors but decided there was more value to be created for shareholders through the implementation of a new operating plan, which it has been developing alongside exploring a sale, the people said, asking not to be identified because the matter is private. The company is expected to release the details of the plan Wednesday along with earnings, they said.

Evergy fell 11% to $55.85 at 11:53 a.m. in New York, giving the company a market value of about $12.7 billion.

A representative for Evergy declined to comment.

Elliott disclosed a $760 million stake in Evergy in January and urged it to overhaul its leadership and explore a merger. As part of a March settlement with Elliott, Evergy appointed two new board directors and created a special committee to explore ways to unlock value, including exploring a potential sale.

An initial deadline for the special committee to present the results of the review was pushed back two months to July 30 after the coronavirus pandemic slowed the sales process. Under the agreement, the board had until Aug. 17 to vote on the committee’s recommendations.

The push for changes came less than two years after the utility was created from the merger of Westar Energy Inc. and Great Plains Energy Inc. Evergy supplies energy to about 1.6 million customers in Kansas and Missouri, according to its website.

(Updates share price in third paragraph.)

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