Shares of Avangrid (NYSE: AGR) rose 13% on Thursday after the electric, gas and renewable energy services company announced that it has received a “takeover” offer from its majority shareholder Iberdrola, S.A.

In a press release issued today, Avangrid said it has received a non-binding offer from electric utility giant Iberdrola to acquire all of the issued and outstanding common shares of Avangrid that it does not already own for $34.25 in cash per share – or a total of $2.49 billion. Iberdrola already owns approximately 81.6 percent of Avangrid’s outstanding shares.

Avangrid’s offer represents a modest premium of 6.8% from Avangrid’s closing price yesterday.

The possibility that Avangrid will explore other competitive bids or strategic alternatives explains why the stock closed well above the proposed purchase price today. If Avangrid’s board of directors decides to accept the deal, shareholders will simply receive $34.25 in cash for each Avangrid share they own at closing. So unless you think a better deal is on the way, or if the pending sale may entitle you to lower long-term capital gains tax rates, I wouldn’t blame investors for taking their money and putting it into other promising stocks.