Southwest Gas asks shareholders to reject Carl Icahn’s tender offer

Author of the article: Southwest Gas Holdings Inc, which is embroiled in a proxy battle with Carl Icahn, on Tuesday named two new directors and asked shareholders to reject a $75 per share tender offer from the activist investor. Icahn had made a bid to gain control of the company’s board and replace the chief…
Southwest Gas asks shareholders to reject Carl Icahn’s tender offer

Author of the article:

Southwest Gas Holdings Inc, which is embroiled in a proxy battle with Carl Icahn, on Tuesday named two new directors and asked shareholders to reject a $75 per share tender offer from the activist investor.

Icahn had made a bid to gain control of the company’s board and replace the chief executive after Southwest adopted a shareholder rights plan to thwart a push by the investor to abandon a $2 billion deal to buy Questar Pipelines from Dominion Energy Inc. Icahn holds just under 5% stake in Southwest.

Southwest in a statement said its board had determined that Icahn’s offer was inadequate, undervalued the company and was not in the best interests of the stockholders.

The company also named Robert Boughner as its next chairman of the board, and said two board members will retire, effective at its 2022 annual meeting of stockholders.

Southwest’s response on Tuesday to the tender offer “is almost inexplicable” Icahn said in a letter addressed to the company’s stockholders. (https://bit.ly/3C1XtLV)

The Las Vegas, Nevada-based Southwest also posted an 83% fall in third-quarter adjusted profit, partly hit by higher expenses in its natural gas operations and utilities services segments. (Reporting by Ruhi Soni in Bengaluru; Editing by Anil D’Silva, Shailesh Kuber and Vinay Dwivedi)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
No casualties in Ukraine’s strike on Melitopol, some damage to houses – local official
Read More

No casualties in Ukraine’s strike on Melitopol, some damage to houses – local official

Author of the article: There have been no casualties from the strikes by Ukrainian forces on Melitopol, a local Moscow-installed official in the Ukrainian Zaporizhzhia region wrote on the Telegram messaging app. “Shells fell on the territory of the airfield. There were no casualties,” Evgeny Balitsky, head of the Russia-installed council in the Zaporizhzhia region,…
Gold jumps as U.S. jobs data suggests less-hawkish Fed path
Read More

Gold jumps as U.S. jobs data suggests less-hawkish Fed path

Gold prices shot up 1% on Friday as Treasury yields fell after non-farm U.S. payrolls data cemented expectations of a less-hawkish Fed, setting the metal on track for its third straight weekly rise. Spot gold rose 0.6% to $1,844.60 per ounce by 9.41 a.m. ET (1441 GMT), rising earlier to 1,852.7. Prices have gained about…
Rogers, Shaw make deal to sell Freedom Mobile to Quebecor for $2.85B in hopes of getting merger approval
Read More

Rogers, Shaw make deal to sell Freedom Mobile to Quebecor for $2.85B in hopes of getting merger approval

Rogers and Shaw struck a blockbuster merger agreement last year, but it has been delayed after the Competition Bureau concluded the combined company would reduce wireless competition and raise prices A Freedom Mobile store in Toronto. Photo by Peter J. Thompson/National Post/File Rogers Communications Inc. and Shaw Communications Inc. have struck a deal to sell…