(Bloomberg) -- Activist investor Carl Icahn is stepping up his fight with Southwest Gas Holdings Inc.Most Read from BloombergOut-of-Practice Airline Pilots Are Making Errors Back in the AirThe World’s Rich and Powerful Are Stashing $500 Billion in This Tax HavenWhy Buying a Second or Even Third Home Is Becoming More Popular Than EverWhat Comes After GE’s 129 Years of Greenhouse GasWhat the Front Line of the U.S. Abortion Fight in Kentucky Looks Like NowThe billionaire, who has disclosed a 4.9% s
The billionaire investor escalated his challenge to Southwest Gas Holdings by offering to buy shares of the Nevada utility and announcing plans to try to replace the company’s board.
Carl Icahn on Thursday said he was trying to gain control of Southwest Gas Holdings' board and replace its chief executive, as the Nevada utility is moving forward with a planned acquisition that the billionaire activist investor says hurts shareholders. "We are today announcing our intention to launch a proxy contest to replace the entire board and commence a tender offer for any and all common shares at $75 per share in cash," Icahn wrote to the Southwest board in an open letter. In a statement late on Thursday, Southwest said the board will review the offer when Icahn Enterprises presents it.