Southwest Gas stock sinks after decision to not sell the company

Shares of Southwest Gas Holdings Inc.
SWX,
-13.50%
sank 8.4% in premarket trading Wednesday, after the Nevada-based gas and electric utility determined that the best way to maximize shareholder value is not to sell the company, but to continue to execute its strategic plan. The company said it will also advance the process to maximize the value of its Centuri and MountainWest assets through a sale or spinoff. The company it has concluded the review of strategic alternatives announced on April 18, which followed the receipt of an “indication of interest” that was well above the buyout bid received from activist investor Carl Icahn. The stock has surged 24.7% year to date through Tuesday, while the S&P 500
SPX,
+1.57%
has lost 14.2%.