Southwest Gas Holdings, Inc. (NYSE: SWX) reported that the Southwest Gas Board has authorized the assessment of a complete range of strategic alternatives to maximize stockholder value after receiving an indication of interest substantially in excess of Carl Icahn’s (Mr. Icahn) $82.50 per share offer.
Earlier, the Southwest Gas Board unanimously ascertained on March 28, 2022, that the updated tender offer from an associate of Mr. Icahn to purchase any and all outstanding common shares of the Company for $82.50 per share in cash is insufficient, structurally forcible, highly conditional, underestimates the Company, and is not in the best interests of all of its stockholders, following a thorough review with the aid of its financial and legal advisors.
But as per the new decision of the Board to review the strategic alternatives now, the Company will consider selling the company as well as a variety of other options, including, but not limited to, selling its business units separately and/or executing the previously announced Centuri spin-off. The procedure is being overseen by a Board committee made up entirely of independent directors. Mr. Icahn has been invited to take part in the transaction.
Furthermore, Southwest Gas has no plans to make any more public comments about the alternative energy investigation until it is completed, or the Company believes that a declaration is required. Any transaction will be dependent on closing contingencies, and no guarantees can be made about the outcome or timing of the alternatives process or the closure of any deal.