(Bloomberg) -- Billionaire Carl Icahn is calling Southwest Gas Holdings Inc.’s move to consider a sale after getting an indication of interest from a potential buyer a “desperate” defense strategy to thwart his efforts to take over the utility owner.

The incumbent board and management team aims to do “as little as possible to try to win the proxy contest while at the same maintaining full optionality to further entrench and enrich themselves,” the activist investor said Tuesday in an open letter to Southwest Gas shareholders.

Icahn’s letter comes a day after Southwest said it is reviewing strategic options after getting an indication of interest from a potential buyer that’s “well in excess” of Icahn’s latest offer of $82.50 a share.

The conflict dates to October when Southwest Gas dismissed Icahn’s objections and moved forward with a $2 billion pipeline purchase. Icahn has slammed executives of the Las Vegas-based company for underperformance, while the utility has said his offer is inadequate.

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