Williams exploring options after rejecting $48B offer from Energy Transfer
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 didnt 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
(60 posts)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
(112,453 posts)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
(12,530 posts)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
(60 posts)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
(60 posts)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.