The arbitrage community is still clinging to Southwest Gas Corp. on the hope that the $655 million market cap company will once again find a mate. In fact, a number of arb shops have been hanging on to their Southwest stakes for nearly two years, since the company announced its ill-fated takeout agreement with ONEOK Inc. And a resolution-namely another deal for Southwest-appears no closer than it has been since ONEOK scuttled the embattled $30-per-share transaction on Jan. 21 of this year. At press time, Southwest closed at $19.88 per share.
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