Monday, May 16, 2016 9:55:02 AM
Williams Files Lawsuit Seeking to Prevent ETE from Avoiding Its Obligations under the Merger Agreement
Williams Board Unanimously Committed to Enforcing Williams’ Rights and Delivering Benefits of Merger Agreement to Williams’ Stockholders
Business Wire
The Williams Companies, Inc.
May 13, 2016 9:25 PM
http://finance.yahoo.com/news/williams-files-lawsuit-seeking-prevent-012500934.html
The Williams Companies, Inc. (WMB) (“Williams” or “WMB”) today announced that it has filed an action in the Delaware Court of Chancery seeking a Declaratory Judgment and Injunction preventing Energy Transfer Equity, L.P. (ETE) (“ETE”) from terminating or otherwise avoiding its obligations under the Merger Agreement entered into with Williams on September 28, 2015.
Specifically, the lawsuit asks the Court to prohibit ETE from relying on either (i) any failure to close the transaction by the current “Outside Date” of June 28, 2016 or (ii) any failure to obtain a Section 721(a) tax opinion from Latham & Watkins LLP (ETE’s outside counsel), as a basis for ETE to avoid fulfilling its obligation to close the proposed transactions with Williams. Williams alleges that ETE has breached the Merger Agreement through a pattern of delay and obstruction designed to allow ETE to avoid its contractual commitments. Williams believes that the Merger Agreement prevents ETE from doing so.
The Williams Board is unanimously committed to enforcing Williams’ rights under the Merger Agreement entered into with ETE on September 28, 2015 and to delivering the benefits of the Merger Agreement to Williams’ stockholders. This action was filed with that goal in mind. The Williams Board has not changed its recommendation "FOR" the Merger Agreement executed on September 28, 2015.
As previously announced, Williams has commenced separate litigation against ETE and its chairman and chief executive officer Kelcy Warren in response to the private offering of Series A Convertible Preferred Units that ETE disclosed on March 9, 2016. The litigation against ETE in the Delaware Court of Chancery seeks to unwind the private offering of Series A Convertible Preferred Units. The Delaware Court of Chancery has granted Williams’ motion to expedite the litigation. The litigation against Kelcy Warren in the district court of Dallas County, Texas, is for tortious, or wrongful, interference with the Merger Agreement executed on September 28, 2015 as a result of the private offering of Series A Convertible Preferred Units.
Williams is committed to mailing the proxy statement, holding the stockholder vote and closing the transaction as soon as possible. In addition to the receipt of Williams’ stockholder approval, the transaction remains subject to other customary closing conditions. Integration planning is underway.
"Then there was a woman, a lion of a woman."
Recent WMB News
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 09/16/2024 08:28:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/16/2024 03:57:53 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/13/2024 07:39:03 PM
- Williams CEO to Present at 2024 Barclays CEO Energy-Power Conference • Business Wire • 08/27/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/13/2024 01:03:29 PM
- Form 424B2 - Prospectus [Rule 424(b)(2)] • Edgar (US Regulatory) • 08/12/2024 08:06:37 PM
- Williams Prices $1.5 Billion of Senior Notes • Business Wire • 08/09/2024 12:25:00 AM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 08/08/2024 11:57:48 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 08/08/2024 01:07:39 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/05/2024 08:17:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/05/2024 08:16:05 PM
- Williams Delivers Strong Second-Quarter Results • Business Wire • 08/05/2024 08:15:00 PM
- Williams Reports Progress on Environmental Performance Metrics • Business Wire • 07/31/2024 01:15:00 PM
- Williams Announces Quarterly Cash Dividend • Business Wire • 07/30/2024 03:26:00 PM
- Williams to Report Second-Quarter 2024 Financial Results on Aug. 5; Earnings Conference Call and Webcast Scheduled for Aug. 6 • Business Wire • 07/16/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/10/2024 08:45:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 03:12:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/06/2024 08:17:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 08:16:39 PM
- Williams Delivers Strong First-Quarter Results; Positioned to Hit Top Half of 2024 Financial Guidance Range • Business Wire • 05/06/2024 08:15:00 PM
- Williams Announces Quarterly Cash Dividend • Business Wire • 04/30/2024 03:19:00 PM
- Williams to Volunteer at nearly 100 Community Projects Across 17 States • Business Wire • 04/18/2024 03:36:00 PM
- Williams to Report First-Quarter 2024 Financial Results on May 6; Earnings Conference Call and Webcast Scheduled for May 7 • Business Wire • 04/16/2024 08:15:00 PM
- TETRA TECHNOLOGIES, INC. ANNOUNCES APPOINTMENT OF ANGELA D. JOHN TO ITS BOARD OF DIRECTORS • PR Newswire (US) • 03/21/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 09:35:39 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM