Las Vegas Sun

November 12, 2009

Currently: 69° | Complete forecast | Log in

ONEOK sticking with bid for LV utility

Thursday, April 29, 1999 | 11:36 a.m.

TULSA, Okla. -- ONEOK Inc. said it won't top Southern Union Co.'s bid for Southwest Gas Corp., saying its lower offer is superior.

"If this were solely a matter of price, there would have been no need for Southern Union to raise" its bid, ONEOK Chairman Larry Brummett said in a statement. Oneok, which has been trying to buy Southwest since December, raised its offer on Monday to $912 million in cash, or $30 a share, plus the assumption of $860 million in debt and preferred stock.

Southern Union made an unsolicited offer of $32 a share in February and raised it on Tuesday to $33.50 a share, or $1.02 billion plus the assumption of debt.

Las Vegas-based Southwest Gas accepted ONEOK'S offer on Monday, but said that in light of Southern Union's higher bid on Tuesday, it's again considering both companies' offers.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 12 Thu
  • 13 Fri
  • 14 Sat
  • 15 Sun
  • 16 Mon

All events on Thursday »