said Monday its board authorizedthe review of a full range of strategic alternatives, includinga sale of the company, after receiving an “indication of interest well in excess” of a bid from activist investor Carl Icahn of $ 82.50 a share.
Southwest Gas (ticker: SWX) closed Thursday at $ 83.50. The stock was inactive in premarket trading Monday.
The company said in a statement that its board “has authorized the review of a full range of strategic alternatives to maximize stockholder value.” Southwest Gas will evaluate a sale of the company, as well as a separate sale of its business units.
The company said its board determined March 28 that a revised tender offer from Icahn for $ 82.50 a share in cash was “inadequate, structurally coercive, highly conditional, undervalues the company and is not in the best interests of all of its stockholders.”
Southwest Gas said Icahn was “invited to participate in the sale process.”
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