Billionaire activist investor Carl Icahn said on April 21 he had no interest in making a bid for Southwest Gas Holdings Inc. days after the utility said it would evaluate a sale following interest from an unnamed potential buyer.
In an open letter to Southwest's shareholders, Icahn said his "only interest is to replace the incumbent board of directors."
If his slate of director nominees were elected, they would continue pursuing strategic alternatives for Southwest, Icahn said, but he would not consider bidding for the utility.
The billionaire also questioned the acquisition interest from the anonymous potential buyer Southwest disclosed earlier this week, saying it was "barely credible."
"When we state that we began this process because we received an indication of interest well in excess of Mr. Icahn's $82.50 per share offer, it is a fact," Southwest said in a statement on April 21.
The company also said it encourages Icahn to participate in the sale process.
In October, Icahn sought to gain control of the Southwest Gas board and replace its CEO after the company adopted a shareholder rights plan to stop his push to make it abandon a $2 billion takeover of Questar Pipelines.
The billionaire later launched a tender offer for Southwest shares, seeking to buy stock from other shareholders of the company at $82.50 each. Southwest rejected Icahn's bid as "inadequate" in March.
No reference to Icahn's offer was made in the April 21 letter.
Recommended Reading
Baker Hughes: US Drillers Add Oil, Gas Rigs for Third Week in a Row
2025-02-14 - U.S. energy firms added oil and natural gas rigs for a third week in a row for the first time since December 2023.
Blackstone Buys NatGas Plant in ‘Data Center Valley’ for $1B
2025-01-24 - Ares Management’s Potomac Energy Center, sited in Virginia near more than 130 data centers, is expected to see “significant further growth,” Blackstone Energy Transition Partners said.
Huddleston: Haynesville E&P Aethon Ready for LNG, AI and Even an IPO
2025-01-22 - Gordon Huddleston, president and partner of Aethon Energy, talks about well costs in the western Haynesville, prepping for LNG and AI power demand and the company’s readiness for an IPO— if the conditions are right.
Cummins, Liberty Energy to Deploy New Engine for Fracking Platform This Year
2025-01-29 - Liberty Energy Inc. and Cummins Inc. are deploying the natural gas large displacement engine developed in a partnership formed in 2024.
US Drillers Add Oil, Gas Rigs for First Time in Eight Weeks
2025-01-31 - For January, total oil and gas rigs fell by seven, the most in a month since June, with both oil and gas rigs down by four in January.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.