Southwest Gas : Delaware Chancery Court Denies Icahn Motion

Southwest Gas Holdings Inc. (SWX) said that the Delaware Court of Chancery issued a ruling from the bench denying the motion of Icahn Partners LP and Icahn Partners Master Fund LP for a temporary restraining order with respect to Southwest Gas' permanent financing for its acquisition of Dominion Energy Questar Pipeline LLC.

Icahn unsuccessfully sought to constrain the ability of Southwest Gas to raise permanent financing for the company's acquisition of Questar.

As previously disclosed, Icahn has commenced a tender offer to acquire shares of Southwest Gas. The Board of Directors of the Company has recommended that stockholders of Southwest Gas reject the tender offer and not tender any shares pursuant to the offer.

Last month, Southwest Gas said it agreed to acquire Dominion Energy Questar Pipeline, LLC, its subsidiaries and certain associated affiliates, including Overthrust Pipeline, White River Hub and Questar Field Services from Dominion Energy, Inc. (D) for $1.545 billion in cash. In addition, Southwest would also assume $430 million of Questar Pipelines' debt.

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