IEP Utility Holdings LLC, an affiliate of Sunny Isles Beach-based private equity firm Icahn Enterprises (Nasdaq: IEP), completed its conditional offer to purchase shares of one of the largest distributors of natural gas in the Southwest.
Billionaire investor Carl Icahn’s company announced the completion of its tender offer to purchase shares of the common stock, par value $1 a share, of Las Vegas-based Southwest Gas Holdings (NYSE: SWX), including the associated rights that are issued and outstanding, for $82.50 a share in cash. The offer and the withdrawal rights expired May 20.
New York-based Continental Stock Transfer & Trust Co. advised IEP Utility that a total of 2.21 million shares of Southwest Gas were validly tendered and not properly withdrawn, representing about 3.1% of the outstanding shares.
Icahn’s firm amended the purchase price and expiration date of its tender offer to buy Southwest Gas’ shares multiple times. The company’s board in November called the billionaire’s initial offer “unsolicited, highly conditional and illusory,” and said the proposal was not in the best interests of all of the company’s stockholders.
In December, Southwest Gas closed on the $1.9 billion cash purchase of a 2,160-mile natural gas pipeline network serving northwest Colorado, Wyoming and Utah. This acquisition circumvented efforts by Icahn to stop the deal.
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