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Icahn Calls Southwest Gas Move ‘Desperate’ Defense Strategy

  • Conflict between Icahn and Southwest dates back to October
  • Southwest said it received interest from a potential buyer
Carl Icahn

Carl Icahn

Photographer: Victor J. Blue/Bloomberg

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Billionaire Carl Icahn is calling Southwest Gas Holdings Inc.’s move to consider a sale after getting an indication of interest from a potential buyer a “desperate” defense strategy to thwart his efforts to take over the utility owner.

The incumbent board and management team aims to do “as little as possible to try to win the proxy contest while at the same maintaining full optionality to further entrench and enrich themselves,” the activist investor said Tuesday in an open letter to Southwest Gas shareholders.