(Bloomberg) -- Carl Icahn said he will initiate a tender offer to acquire more shares of Southwest Gas Holdings Inc. after the U.S. utility rebuffed the billionaire investor’s earlier attempt to stop the company’s acquisition of a pipeline.

Icahn wrote in a letter Thursday that Icahn Enterprises LP will start a tender to buy shares at $75 each.

“We believe our tender offer will be in the best interests of ALL stockholders of SWX in that it will provide immediate liquidity at a significant premium for those who wish to tender their shares, while also providing the opportunity for those stockholders who, like us, believe in the long-term prospects of the company – under proper management – to realize its potential upside,” Icahn wrote.

Southwest Gas last week reached an agreement to buy Questar Pipelines from Dominion Energy Inc. for about $2 billion, defying objections from Icahn, who argued it’s paying too much.

Shares of Southwest rose as 11% after the letter was published.

(Updates with share price reaction in last paragraph)

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