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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Williams Companies Inc | NYSE:WMB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.71 | 1.87% | 38.60 | 38.89 | 38.01 | 38.10 | 5,948,885 | 01:00:00 |
Energy Transfer Equity LP said it will pursue a multibillion-dollar deal to acquire rival pipeline operator Williams Cos. with or without the company's cooperation.
Energy Transfer had been quietly pursuing Williams for six months when the pipeline company rejected an all-equity offer valued at $48 billion last month. Now Energy Transfer, run by Dallas billionaire Kelcy Warren, is signaling that it may be willing to go in a hostile direction with its takeover bid.
In a statement issued late Tuesday, Energy Transfer was critical of how Williams has responded to its proposal and reiterated its offer—an offer Williams has already deemed too low.
The company "continues to be open to engaging in the strategic alternatives process announced by Williams, but only if it is fair and evenhanded and is not designed to disadvantage" Energy Transfer, the statement said.
If Williams continues to rebuff Energy Transfer's overtures, the company said it would take whatever steps are necessary to make its proposal a reality, including trying to derail a $13.8 billion deal Williams announced in May to streamline its own corporate structure by buying a subsidiary.
"The Williams Board of Directors and management team are committed to acting in the best interests of shareholders, and believe a robust, competitive process is the best way to maximize shareholder value," the company said late Tuesday.
Williams is working with several companies, including Energy Transfer, and has had constructive dialogue with each of them, according to a person familiar with the matter.
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