LAS VEGAS, Feb. 22 /PRNewswire/ -- Southwest Gas Corporation (NYSE: SWX)
announced that it has received an unsolicited proposal from Southern Union
Company (NYSE: SUG) offering to acquire Southwest Gas for $32.00 per share in
cash. The proposal is preliminary in nature and subject to a number of
contingencies and uncertainties.
Southwest Gas is a party to the previously announced merger agreement with
ONEOK, Inc. (NYSE: OKE) pursuant to which ONEOK has agreed to pay $28.50 per
share in cash upon consummation of the merger. Under the terms of the
agreement with ONEOK, as a result of certain preliminary determinations made
by the Board of Directors of Southwest Gas, the Southwest Gas Board of
Directors has authorized management to commence substantive discussions with
Southern Union regarding its proposal. No assurances can be given that any
agreement will be reached with Southern Union.
Southwest Gas does not intend to make any further public announcement
regarding its negotiations with Southern Union until an agreement is reached
or negotiations are terminated.
The merger agreement with ONEOK remains in full force and effect, and
based on the information currently available to it, the Board of Directors of
Southwest Gas has not altered its recommendation regarding the merger
agreement with ONEOK.
SOURCE Southwest Gas Corporation
Company News On-Call: http: //www.prnewswire.com/comp/804969.html or fax, 800-758-5804, ext. 804969
CONTACT: Laura Hobbs of Southwest Gas Corporation, 702-876-7237