Southwest Gas Holdings Inc. said it would evaluate Carl Icahn’s tender offer for the Nevada utility, which was increased to $82.50 a share from $75.
Southwest SWX, +6.64% advised shareholders to take no action at this time, and repeated criticism of the previous offer, including calling it “illusory.”
Icahn Enterprises LP said earlier Monday that it increased the offer. Icahn made the original offer in October after Southwest Gas proposed to buy Questar Pipeline Co. for about $2 billion.
Southwest shares were flat after hours at $77.41, following a 6.6% increase during the regular session.