ITC Holdings Corp fka ITC

[Timothy Smith]

A sale of ITC Holdings in the range of $39-$47 per share is likely in the best interests of shareholders and is a very likely outcome of the Board's current strategic review.

Based on the attractive characteristics and prospects of ITC Holding, we believe there will be active and competitive bidding by large strategic players in the regulated power industry and the results will be a final transaction price in the $44-$47 per share range.

As such, we expect the power and utility industry consolidation will show no signs of slowing in 2016.

And importantly, in contrast to several of the current prolonged transactions, we believe a proposed acquisition involving ITC Holdings will navigate the complex regulatory process successfully and in a more appropriate timeframe.