Connect with us

Hi, what are you looking for?

Jewish Business News


Southwest Gas Rejects Carl Icahn Takeover Bid

Southwest Gas

Southwest Gas (YouTube Clip)

Carl Icahn has been rebuffed in his effort to acquire Southwest Gas. An affiliate of Carl Icahn’s extended its tender offer to acquire any and all outstanding common shares of the Company for $75.00 per share in cash. But, Southwest Gas’ Board of Directors rejected Icahn’s unsolicited, inadequate, structurally coercive, highly conditional and illusory tender offer. Accordingly, the Board continues to recommend that stockholders not tender any of their shares into the Offer.

Billionaire activist investor Carl Icahn is not used to rejection. He made his fortune by taking over companies, helping them increase in value, and then selling his interest in them for a prophet. But as of now, that will not happen with Southwest Gas.

A week ago, a federal judge in Delaware ruled that Carl Icahn’s investment firm cannot stop Southwest Gas Holdings Inc.’s board from potentially selling $1 billion worth of shares at a discounted price to fund an acquisition.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

The saga began back in in October when Carl Icahn relesed an open letter that he had sent to Southwest Gas in which Icahn revealed that he was a “large shareholder” in the company, saying that he owns a 4.9 percent stake in it. The investor also criticized Southwest Gas for its pending efforts to buy Dominion Energy Questar Pipeline, LLC for more than $1.5 billion.

Southwest Gas Holdings, Inc., through its subsidiaries, engages in the business of purchasing, distributing and transporting natural gas, and providing comprehensive utility infrastructure services across North America. Southwest Gas Corporation, a wholly owned subsidiary, safely and reliably delivers natural gas to over two million customers in Arizona, California and Nevada. Centuri Group, Inc., a wholly owned subsidiary, is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North America’s gas and electric providers.

In a statement, the Southwest Gas Board and management team explained its decision saying that they are executing a clear and detailed strategy to create value and are committed to taking actions consistent with the focus of long-term stockholder value creation. The Board said that it had “thoroughly reviewed” Mr. Icahn’s Offer, in consultation with their external financial and legal advisors, and “unanimously determined that the Offer is inadequate and undervalues the Company, has no certainty of completion, and is not in the best interests of Southwest Gas stockholders.”

The board further stated that tendering into Mr. Icahn’s Offer would, in their words, only encourage an “opportunistic attempt to acquire Southwest Gas at an inadequate price and contingent upon a long list of ambiguous conditions, some of which Mr. Icahn has made no move to fulfill. Accordingly, the Board continues to recommend that stockholders not tender their shares into Mr. Icahn’s unsolicited, inadequate, structurally coercive, highly conditional and illusory tender offer.”



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.