Icahn Says Southwest Gas Cheated With $400M Stock Offering

By Benjamin Horney (March 30, 2022, 3:33 PM EDT) -- Attorneys for billionaire activist Carl Icahn told Delaware's chancellor this week that the recent $400 million public offering of stock by Southwest Gas is suspect, saying the company sold shares for cheap to hand-picked parties that could help stave off Icahn's proxy contest and thwart an attempted $5 billion takeover.

Southwest Gas Holdings Inc. has inexplicably dismissed Icahn's takeover offer, worth $82.50 per share, while selling $400 million worth of stock in a Tuesday public offering that valued the company's shares at $74 apiece, according to a letter filed with the Delaware Chancery Court on Tuesday by one of Icahn's legal...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!