According to Reuters and The Wall Street Journal, anonymous sources have said that Blankenship’s retirement has made the possibility that the company will opt for a buyout instead of a sale more likely.

Blankenship said late Friday that he was leaving his seat after three decades; his chief executive role will be filled by Baxter Phillips Jr, and Admiral Bobby Inman will succeed him as non-executive chairman.

Massey did not release public statement on the matter Monday, and told ILN last month that it did not comment on merger and acquisition rumors.

The company recently formed a board committee to evaluate “all the strategic options available” to it, Massey vice-president and general counsel Shane Harvey reportedly told the WSJ.

Massey has been at the center of discussions regarding a possible sale for weeks, with Alpha Natural Resources, Arch Coal, Consol Energy, ArcelorMittal and Coal India all named as potential buyers. Only Coal India confirmed any talks, saying only that it was examining a purchase of part of the producer’s assets.

Massey remains under state and federal scrutiny for the explosion at its Upper Big Branch operation in April which killed 29 of its workers. All investigations are ongoing.

Massey is the fourth-largest producer in the US, with 19 mining complexes in Virginia, West Virginia and Kentucky.