Southwest Gas receives indication of interest well above Icahn’s ‘inadequate’ buyout bid

Southwest Gas Holdings Inc. announced Monday plans to explore strategic alternatives, including a sale of the company. The natural gas transportation company said its plan followed the receipt of an “indication of interest well in excess” of the $82.50-per-share cash buyout bid it received from Carl Icahn, which the company rejected for being “inadequate, structurally coercive, highly conditional,” and undervalues the company. Southwest Gas said it a board committee is overseeing the evaluation of a possible sale, and Icahn is invited to participate in the sale process. The stock, which was still inactive in premarket trading, has rallied 19.2% year to date, while the S&P 500 has slipped 7.8%.

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