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)

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