Icahn Raises His Bid On Southwest Gas to $82/share

Billionaire investor Carl Icahn increased his bid for Southwest Gas Holdings Inc SWX to $82.50 a share, an increase of 10% from the prior $75/share.
Representing a premium of 27% over the price on Oct. 13, the day before, a $75-a-share bid was announced by Icahn.
Southwest’s board had unanimously rejected the previous offer in November, arguing it undervalues the company and isn’t in the best interest of shareholders.
Icahn owns about 5% of the company; he nominated ten directors to replace its board and said sweeping change is needed at the utility, reported Bloomberg.
Early in March, Southwest announced intentions to spin off a construction unit, a move Icahn had sought, but he later slammed the decision as an effort to block the offer.
Price Action: SWX shares are trading higher by 3.20% at $74.91 on the last check Monday.

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