(Bloomberg) -- Southwest Gas Holdings Inc. said it plans to continue as a standalone company, though it will continue to explore options for its Centuri and MountainWest Pipeline units. Its shares fell as much as 14%.

Southwest Gas also said Wednesday in a statement that it expects director Jose Cardenas to step down from the board shortly, with a new director appointed as part of an agreement with activist investor Carl Icahn.

The decision comes after the Las Vegas-based utility owner agreed to initiate a strategic review as part of a settlement with Icahn in May. Icahn also got to name three directors as part of a truce, and a fourth if the company failed to spin off the Centuri unit within 90 days.

After concluding a strategic review of its operations, Southwest Gas is opting against selling the entire company though will look at options for Centuri, including a sale or spinoff, and a sale of MountainWest.

Southwest Gas shares tumbled 13% to $76.15 at 9:46 a.m. in New York, the biggest intraday decline since March 23, 2020.

(Adds shares in first, final paragraph.)

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