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Energy Transfer Equity disappointed with Williams

Staff writer |
Energy Transfer Equity released a statement from the chairman Kelcy Warren in response to last Friday night’s announcement by the Williams Companies that it filed an action in the Delaware court.

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"ETE is disappointed that Williams, rather than seriously engaging in discussions regarding the existing transaction, has chosen to file a third separate lawsuit in the last six weeks regarding our pending merger.

"The filing of these lawsuits has contributed materially to the very "delay in completing the Securities and Exchange Commission’s (SEC) review of the proxy statement/prospectus and proceeding towards a stockholder meeting that Williams complains about in its most recent suit.

"Before this suit was filed, we were making progress towards clearing all SEC comments and believe we were close to finalizing the proxy statement/prospectus for the Williams stockholder meeting to vote on the merger.

"We further believe that ETE’s good faith efforts were reinforced by our recent agreement with Williams to amend the merger agreement to provide for a reduction of the time periods necessary for certain administrative matters.

"This amendment essentially provided nearly an additional month for the parties to finalize and mail the proxy statement/prospectus than was contemplated in the original merger agreement.

"In addition, despite material changes in circumstances since a majority of the Williams Board of Directors approved the merger agreement on September 28, 2015 and recommended that the Williams stockholders vote to approve the adoption of the merger agreement, we understand that the Williams Board of Directors has not updated its recommendation to take into account the impact of these material changes.

"We are concerned with the Williams Board of Directors’ decision in this regard, and believe the Board should reconsider its recommendation and decide if a majority of the directors continue to recommend that the Williams stockholders vote to approve the adoption of the merger agreement.

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