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Billionaire Carl Icahn is claimed in discussions to succeed in a settlement with Southwest Fuel (NYSE:SWX) that will permit the activist investor to get as many as 4 seats on the board.
Talks are nonetheless happening and will nonetheless collapse earlier than the corporate’s annual assembly subsequent week, in keeping with a Bloomberg report.
A settlement would finish months of combating between Icahn and the utility. Icahn sought to achieve management of the corporate’s board and exchange its chief government officer; his tender provide to purchase the corporate for $82.50/share was rejected by the Southwest (SWX) board as “insufficient.”
The settlement talks got here after distinguished proxy advisory corporations ISS and Glass Lewis beneficial partial help for Icahn’s nominees final week, in keeping with an earlier Bloomberg report. ISS beneficial shareholders vote for 4 of Icahn’s candidate, whereas Glass Lewis beneficial two of his nominees.
Southwest Fuel final month mentioned its board approved a evaluate of strategic options, together with a possible sale of the corporate. Icahn mentioned he we would not make a bid for the corporate within the strategic evaluate run by both the incumbent board or the activist investor’s proposed new board.
Icahn started his battle with Southwest Fuel (SWX) again in October, when the corporate adopted a poison capsule to attempt to thwart him as he opposed the corporate’s planed $2B deal to purchase Questar Pipelines from Dominion Power.
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