Williams announced that its Board of Directors has authorized a process to explore a range of strategic alternatives following receipt of an unsolicited proposal to acquire Williams in an all-equity transaction at a stated per share price of $64.00.

The unsolicited proposal was contingent on the termination of Williams' pending acquisition of Williams Partners L.P.

Specifically, Energy Transfer Equity, L.P. confirmed that it had made a proposal to merge with The Williams Companies, Inc. in an all-equity transaction valued at $53.1 billion, including the assumption of debt and other liabilities.

ETE initially made its offer in a letter dated May 19, 2015, to Alan Armstrong, the CEO of Williams, followed by a letter dated June 11, 2015 sent to the Williams Chairman of the Board, and most recently confirmed its offer in a letter dated June 18, 2015 sent to the Williams Board of Directors. Under its merger proposal, ETE would acquire all of the outstanding common stock of Williams at an implied price of $64 per Williams share

"ETE has made multiple attempts over an almost 6-month period to engage in meaningful, friendly dialogue with the senior management of Williams regarding a proposed merger. As a result of the announcement of the Williams and Williams Partners L.P. (NYSE: WPZ) merger on May 13, 2015, ETE felt compelled to send its written offer to Williams in an effort to bring ETE's interest to the attention of the Williams Board and to outline what ETE believes is a more compelling transaction than the proposed merger between Williams and WPZ," ETE said

Williams has retained Barclays and Lazard to assist in its review of strategic alternatives, which could include, among other things, a merger, a sale of Williams or continuing to pursue the company's existing operating and growth plan

Tags:
Williams   M&A   Energy Transfer Partners  

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