Southwest Gas calls part of Icahn's letter to its shareholders were 'blatantly untrue' | Utilities Message Board Posts



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Msg  1854 of 1911  at  4/5/2022 11:17:46 AM  by

jerrykrause


Southwest Gas calls part of Icahn's letter to its shareholders were 'blatantly untrue'

 

MarketWatch

Southwest Gas calls part of Icahn's letter to its shareholders were 'blatantly untrue'

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Shares of Southwest Gas Holdings Inc. SWX, -0.63% fell 0.9% in premarket trading Tuesday, pulling back from the 3 1/2-year closing high in the previous session, after the natural gas company said the public letter from Carl Icahn was "false and misleading." The company, which recently rejected Icahn's increased buyout bid, said Icahn's claim that Southwest was "playing games" with the record date of its $400 million equity offering was "blatantly untrue," as the board proceeded with the offering "with full knowledge" that the purchasers of the newly issues shares would not be able to vote at the annual meeting. Southwest also said Icahn "falsely" claimed that he offered to pay $82.50 a share to buy the entire offering, as the "illusory" offer was made after the public offering had already commenced. Separately, Southwest said it would be "illegal" for Icahn to buy its stock in a financing, given his pending buyout offer. Southwest's stock, which closed Monday at the highest price since November 2019, has run up 15.3% year to date while the S&P 500 SPX, -0.46% has slipped 3.9%.


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