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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Williams Partners, L.P. Common Units Representing Limited Partner Interests (delisted) | NYSE:WPZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.37 | 0 | 01:00:00 |
Natural-gas pipeline giant Williams Cos. has rejected an unsolicited buyout offer worth $48 billion but is open to other offers, the company said Sunday.
Williams announced Sunday evening that it was approached about an all-stock deal valued at $64 a share. The company said it won't accept the offer, but has retained Barclays and Lazard to pursue alternatives, including a merger, a sale of the company or simply continuing on its current path.
Williams didn't identify who made the buyout offer.
"The Williams Board carefully considered the unsolicited proposal and determined that it significantly undervalues Williams and would not deliver value commensurate with what Williams expects to achieve on a standalone basis and through other growth initiatives, including the pending acquisition of" Williams Partners the company said in a statement.
In May, Williams said it planned to absorb its subsidiary, Williams Partners LP, in a $13.8 billion deal. At the time, the company said that simplifying its corporate structure would make it more efficient and better able to grow.
On Sunday, Williams said the offer it rejected was contingent on that simplification process being called off.
Write to Alison Sider at alison.sider@wsj.com
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