(Bloomberg) -- Carl Icahn made an unsolicited offer to buy all outstanding shares of Southwest Gas Holdings Inc., extending a corporate fight between the billionaire and U.S. energy company.
Icahn posted his offer to pay $75 for each outstanding Southwest Gas share Wednesday morning on Twitter, where his bio reads, “I make money studying natural stupidity.” Southwest Gas responded in a statement advising shareholders to take no action until its board has time to review and evaluate the offer.
Icahn and Southwest Gas have been locked in public spat throughout October since the activist investor revealed he held a 4.9% stake in the Las Vegas-based energy company. He blasted Southwest Gas executives for “egregious errors” and said their plan to buy Questar Pipeline Co. was a mistake. Southwest defied Icahn and went ahead with plans to buy Questar for about $2 billion.
Icahn Pushes Southwest Gas for First Dibs on Deal Equity
Icahn's offer carries conditions and expires Dec. 27. His offer gives Southwest Gas a market value of about $4.2 billion, according to data compiled by Bloomberg. The company aims to make the board's position known to shareholders within 10 business days.
Shares of Southwest Gas rose 0.4% to $69.40 at 9:34 a.m. trading in New York.
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