Southwest Gas to consider sale after receiving interest above Icahn’s bid (NYSE: SWX)

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Southwest Gas (NYSE: SWX) said Monday that its board has authorized the review of a full range of strategic alternatives, including a potential sale of the companya separate sale of its business units, and / or pursuing the previously disclosed spinoff of Centuri.

The company said it received an indication of interest “well in excess” of Carl Icahn’s $ 82.50 / share offer, which was raised last month from $ 75 / share.

Southwest Gas (SWX) said Icahn was invited to participate in the sale process, after rejecting his previous offer as inadequate.

Icahn has launched a proxy battle seeking control of Southwest’s board, with a shareholder vote scheduled May 12; Icahn has said the company could be worth $ 110- $ 150 per share if his slate of board nominees is elected.

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