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Billionaire Carl Icahn rules out bidding for Southwest Gas

April 21 (Reuters) – Billionaire activist investor Carl Icahn mentioned on Thursday he had little interest in making a bid for Southwest Gasoline Holdings Inc (SWX.N), days after the utility mentioned it might consider a sale following curiosity from an unnamed potential purchaser.

In an open letter to Southwest’s shareholders, Icahn mentioned his “solely curiosity is to switch the incumbent board of administrators”.

If his slate of director nominees had been elected, they’d proceed pursuing strategic options for Southwest, Icahn mentioned, however he wouldn’t contemplate bidding for the utility.

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The billionaire additionally questioned the acquisition curiosity from the nameless potential purchaser Southwest disclosed earlier this week, saying it was “barely credible”.

“After we state that we started this course of as a result of we acquired a sign of curiosity properly in extra of Mr. Icahn’s $82.50 per share supply, it’s a reality,” Southwest mentioned in a press release on Thursday.

The corporate additionally mentioned it encourages Icahn to take part within the sale course of.

In October, Icahn sought to realize management of the Southwest Gasoline board and change its chief government officer after the corporate adopted a shareholder rights plan to cease his push to make it abandon a $2 billion takeover of Questar Pipelines.

The billionaire later launched a young supply for Southwest shares, looking for to purchase inventory from different shareholders of the corporate at $82.50 every. Southwest rejected Icahn’s bid as “insufficient” in March.

No reference to Icahn’s supply was made in Thursday’s letter.

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Reporting by Niket Nishant and Arunima Kumar in Bengaluru; Modifying by Devika Syamnath

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