Southwest Gas says Carl Icahn’s board plan is no-premium takeover
BNN Bloomberg
Southwest Gas Holdings Inc. said billionaire Carl Icahn’s bid to replace its board of directors amounts to a no-premium takeover of the utility owner.
Southwest Gas Holdings Inc. said billionaire Carl Icahn’s bid to replace its board of directors amounts to a no-premium takeover of the utility owner.
Southwest said it will review the 10 nominee directors formally proposed by Icahn, according to statement Monday. Icahn, who owns a 4.9 per cent stake in the company, has been waging a battle against management at the Las Vegas-based company since it announced a US$1.97 billion deal to buy pipeline operator Questar last month.
Icahn has offered to buy the remaining stock in Southwest Gas that he doesn’t already own for US$75 a share, or about 5 per cent above Monday’s closing price. Southwest recently rebuffed that offer and said it will appoint two new independent directors as well as a new chairman.
“The nomination of the Icahn slate is the latest step in Icahn’s efforts to take control of Southwest Gas without paying a control premium to Southwest Gas stockholders and otherwise pursue his self-serving agenda,” the company said in its statement.
The US$75 offer “undervalues the company” and has no certainty of completion, Southwest said.
Southwest rose 2.5 per cent to US$71.28. The company’s shares have risen 17 per cent so far this year.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.