Southwest Gas to Consider Sale after Another Acquisition Bid

Southwest Gas, which did not give any clear details on the interested party’s offer, had rejected a bid from Carl Icahn as “inadequate” in March.

Reuters

Southwest Gas Holdings Inc. said on April 18 it would evaluate selling itself, among other alternatives, after an unnamed potential buyer showed interest in acquiring the utility at a price “well in excess” of Carl Icahn’s $82.50 per share offer.

Southwest Gas, which did not give any clear details on the interested party’s offer, had rejected Icahn's bid as “inadequate” in March.

Icahn has sought to gain control of the Southwest Gas board and replace its CEO after the company adopted a shareholder rights plan in October to stop the investor’s push to make the company abandon its $2 billion takeover of Questar Pipelines. Icahn holds just under 5% stake in Southwest.

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