Southwest Gas Confirms Icahn's Notice On Director Nominations

(RTTNews) - Southwest Gas Holdings Inc. (SWX) confirmed Monday that Icahn Enterprises LP has provided notice of its intent to nominate 10 candidates to stand for election to take control of the company's board at the company's 2022 Annual Meeting of Stockholders, the date of which has not yet been determined.

Icahn's nomination of the Icahn slate follows the Board's rejection of Icahn's tender offer to acquire the outstanding shares of the company.

Southwest alleged that the nomination of the Icahn slate is the latest step in Icahn's efforts to take control of Southwest Gas without paying a control premium to Southwest Gas stockholders and otherwise pursue his self-serving agenda.

Southwest stated that Icahn has criticized the pending Questar Pipelines acquisition and pressured Southwest Gas to pursue different alternatives for financing the acquisition - some of which treat Icahn differently than other stockholders.

Southwest Gas recently appointed two new, independent directors, effective January 1, 2022. With these appointments, the Board has added four independent directors since 2019. The Board also appointed a new Chairman, effective at the Company's 2022 Annual Meeting of Stockholders.