On November 9, 2021, Southwest Gas Holdings, Inc. announced that its Board of Directors, after a review with the assistance of its external financial and legal advisors, has unanimously determined that the unsolicited, highly conditional and illusory tender offer from an affiliate of Carl Icahn to acquire any and all outstanding common shares of the Company for $75.00 per share in cash is inadequate, undervalues the Company, is structurally coercive and is not in the best interests of all of its stockholders. The Company stated that accordingly, the Board recommends that stockholders not tender any of their shares into the offer.