Southwest Gas Holdings Inc said on Monday 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 chief executive officer 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.
Southwest Gas on Monday said it has formed a committee of independent board directors to oversee the strategic review process. It has also invited Icahn to participate in the company’s sale process.
Source: Reuters.com