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Southwest Gas stock rises on takeover speculation

Friday, Sept. 29, 2000 | 11:09 a.m.

The stock of Southwest Gas Corp. of Las Vegas inched up 56 cents this morning to $20.81 after Business Week reported that a big shareholder is calling for the Southwest board to enhance shareholder value by selling the natural gas company, which operates in Nevada, Arizona and California.

"Not only is Southwest Gas in the right business, but it is also a takeover play that's worth much more than its current price," investor Mario Gabelli told Business Week. "The company is stuck in a legal quagmire and the board needs to act swiftly to enhance shareholder value by selling the company."

Gabelli mutual funds have a 10 percent stake in Southwest Gas, which is in litigation over its failed merger with ONEOK Inc. of Tulsa, Okla.

One potential suitor mentioned recently is Sierra Pacific Resources, parent company of electricity company Nevada Power Co. Sierra Pacific owns a natural gas utility in Reno.

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