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Southwest Gas Holdings, Inc. announced that the Delaware Court of Chancery issued a ruling from the bench today denying the motion of Icahn Partners LP and Icahn Partners Master Fund LP for a temporary restraining order with respect to Southwest Gas' permanent financing for its acquisition of Dominion Energy Questar Pipeline LLC. Icahn unsuccessfully sought to constrain the ability of Southwest Gas to raise permanent financing for the Company's acquisition of Questar.
As previously disclosed, Icahn has commenced a tender offer to acquire shares of Southwest Gas. The Board of Directors of the Company has unanimously recommended that stockholders of Southwest Gas reject the tender offer and not tender any shares pursuant to the offer. The Board has determined that Icahn's offer is inadequate, coercive, uncertain and illusory.
Souce: Southwest Gas