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Benzinga
Benzinga
Business
Akanksha Bakshi

Icahn Raises His Bid On Southwest Gas to $82/share

Southwest (Organization) Carl Icahn NYSE Southwest Gas Holdings Inc
  • Billionaire investor Carl Icahn increased his bid for Southwest Gas Holdings Inc (NYSE:SWX) to $82.50 a share, an increase of 10% from the prior $75/share.
  • Representing a premium of 27% over the price on Oct. 13, the day before, a $75-a-share bid was announced by Icahn.
  • Southwest’s board had unanimously rejected the previous offer in November, arguing it undervalues the company and isn’t in the best interest of shareholders. 
  • Icahn owns about 5% of the company; he nominated ten directors to replace its board and said sweeping change is needed at the utility, reported Bloomberg. 
  • Early in March, Southwest announced intentions to spin off a construction unit, a move Icahn had sought, but he later slammed the decision as an effort to block the offer. 
  • Price Action: SWX shares are trading higher by 3.20% at $74.91 on the last check Monday.
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