Southwest Gas Holdings to consider sale after another acquisition bid

Adds details, background

April 18 (Reuters) - Southwest Gas Holdings Inc SWX.N said on Monday it would evaluate selling itself, among other alternatives, after an unnamed potential buyer showed interest in acquiring the utility at a price "well in excess" of Carl Icahn's $82.50 per share offer.

Southwest Gas, which did not give any clear details on the interested party's offer, had rejected Icahn's bid as "inadequate" in March.

Icahn has sought to gain control of the Southwest Gas board and replace its chief executive officer after the company adopted a shareholder rights plan in October to stop the investor's push to make the company abandon its $2 billion takeover of Questar Pipelines. Icahn holds just under 5% stake in Southwest.

Southwest Gas on Monday said it has formed a committee of independent board directors to oversee the strategic review process. It has also invited Icahn to participate in the company's sale process.

(Reporting by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi)

((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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