Icahn Launches $75/Share Tender Offer for Southwest Gas
October 27 2021 - 08:43AM
Dow Jones News
By Colin Kellaher
Billionaire investor Carl Icahn, unhappy with Southwest Gas
Holdings Inc.'s planned $2 billion acquisition of Dominion Energy
Inc.'s Questar Pipeline, on Wednesday launched a hostile takeover
bid for the Las Vegas company.
IEP Utility Holdings LLC, a unit of Mr. Icahn's Icahn
Enterprises Holdings L.P., has started a tender offer to buy
Southwest for $75 a share in cash, or around $4.4 billion.
Southwest said its board will review and evaluate the offer in
consultation with financial and legal advisers, adding that it
plans to report its position to shareholders within 10 business
days.
Southwest earlier this month adopted a "poison pill" shareholder
rights plan with a 10% trigger after Mr. Icahn revealed that he had
built a stake in the company and opposed the Questar deal.
Shares of Southwest closed Tuesday at $69.16.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 27, 2021 08:28 ET (12:28 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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