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...

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