Southwest Gas to consider sale after receiving interest above Icahn's bid

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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 company, a 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.