Southwest Gas Up 7% As It Mulls Strategic Alternatives Including Sale Of Co.

(RTTNews) - Shares of Southwest Gas Holdings, Inc. (SWX) are rising more than 7% in the morning trade on Monday after the natural gas service provider said it is considering sale of the company.

On March 28, Southwest Gas Board had determined that $82.50 per share offered by billionaire investor Carl Icahn was inadequate and undervalues the Company. And the company today indicated that there is an interest, much higher than Carl Icahn's offer.

"As a Board, we determined that the best path forward is to explore a range of strategic alternatives, including a sale of the Company, to maximize the value of the Company on behalf of all of our stockholders," said Michael J. Melarkey, Chair of the Board of Southwest Gas. "We plan to move forward expeditiously."

SWX touched a new high of $90.48 this morning.