Energy Transfer Equity willing to give $48 billion for Williams Companies
Energy Transfer Equity (ETE), an energy assets portfolio company, said its all-stock offer of 0.9358 shares per Williams' share represented a 32 percent premium to the stock's closing price of $48.34 on June 19.
Williams said in a statement that the unsolicited proposal had prompted it to launch a review of strategic alternatives, with the assistance of Barclays and Lazard, but the current offer "significantly undervalues" the company.
ETE said its offer is contingent on the termination of Williams' pending purchase of Williams Partners, which gathers, processes and transports natural gas.
ETE made multiple attempts over almost six months to talk to senior management at Williams about a merger and made an initial offer on May 19, six days after the pipeline company said it would buy Williams Partners for $13.8 billion. ■