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Southwest Gas Board Recommends Stockholders Not Tender Shares Into Carl Icahn's Tender Offer

Southwest Gas Holdings, Inc. (SWX) said its Board has unanimously decided that the revised tender offer from an affiliate of Carl Icahn to acquire any and all outstanding common shares of Southwest Gas for $82.50 per share in cash is inadequate, and is not in the best interests of all of its stockholders. The Board recommended that stockholders not tender any of their shares into the offer.

Separately, in a letter to stockholders, Southwest Gas urged stockholders vote for all the Board's nominees in order to benefit from the transformation of Southwest Gas and the value unlocked by the spin-off of Centuri.

"In his recent open letter to stockholders, Mr. Icahn publicly stated that he believes SWX could be worth in a range of $110-$150 per share. By his own admission, Mr. Icahn's offer significantly undervalues our company," Southwest Gas stated.

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