Williams exploring options after rejecting $48B offer from Energy Transfer

[TexasTowelie]

Source: Houston Chronicle

HOUSTON — Pipeline giant Williams Co. has turned down a $48 billion buyout offer but is still open to a sale, the company said Sunday night.

Tulsa, Oklahoma-based Williams said it was offered an unsolicited, all-equity deal worth $64 per share, but didn’t identify the suitor.

Late Sunday night, Dallas-based Energy Transfer Equity said in a statement that it made the offer. It said it initially did so on May 19 with follow-up efforts this month.

“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,” it said.

Read more: http://fuelfix.com/blog/2015/06/21/williams-exploring-options-after-rejecting-48-billion-offer/#28514101=0

[pogglethrope]

1. Williams was one of the worst managed companies in the country in the 1990s.

Looks as if the company is up to its old tricks, turning down an offer that is 33% greater than its current stock price.

[TexasTowelie]

2. I've heard rumors to that effect.

It does seem like they are more concerned about maintaining control for their officers than about shareholder value.

Welcome to DU--it's always great to greet a new member!

[DisgustipatedinCA]

5. You just made me laugh. I worked for WilTel in the 90's

I didn't have enough of an overall view of the corporation to know whether or not it was run poorly. But I do know the area I worked in was run poorly. I don't miss it.

[pogglethrope]

3. Just checked Williams stock price.

It's up $11.61 a share this morning and still climbing. That's a 24.02% gain in half a day. Somebody's getting rich.

[pogglethrope]

4. Guess that shows you should not be getting stock tips from me.

Williams ended the day at $60.90 per share, with a price increase of $12.56 per share, 25.98%. Now pretty close to the price offered by
ETE. That's an amazing one-day increase for a company as large as Williams.