Southwest Gas Holdings Inc. is rejecting continued attempts by activist investor Carl Icahn to buy up outstanding stock for $75/share, calling the move opportunistic and not in the best interest of shareholders. 

Last October, Southwest Gas offered to pay nearly $2 billion to buy Dominion Energy Inc.’s Questar Pipeline LLC, a move that shareholder Icahn has since attempted to quash. Last Friday (Dec. 24), Icahn Enterprises LP affiliate IEP Utility Holdings LLC extended an expiration date to Jan. 26 for its tender offer to buy up the outstanding shares for $75 each in cash.

As before, Icahn’s “unsolicited, inadequate, structurally coercive, highly conditional and illusory tender offer” was rejected by the board. 

“The Southwest Gas board and management team are...