ISS recommends Williams shareholders back Energy Transfer deal
June 15, 2016
By Michael Flaherty
June 15 (Reuters) - An influential shareholder advisory firm recommended on Wednesday that Williams Co Inc stockholders vote in favor fellow pipeline company Energy Transfer Equity LP's takeover bid, a deal that has been in doubt for months.
Williams shareholders are scheduled to vote on the deal on June 27. Under the current terms, the merger must close by June 28, or the agreement expires.
Williams has accused Energy Transfer of trying to break the cash-and-stock deal. With the drop in oil prices, its value has plunged to about $20 billion from $33 billion when the companies reached an agreement in September, ending a pursuit that began in January 2015.
ISS said a better alternative for Williams shareholders might be to convert some of the cash component into equity at an appropriate exchange ratio, given the decline in commodity prices.
"Even many of the legitimate causes for concern ... appear, on closer examination, known or manageable risks," ISS said in the report.
The merger was intended to create more stability for both companies in the face of low oil prices.
The companies are set to face off in Delaware Chancery Court on Monday ( 6-20-16 )over tax issues that Energy Transfer says are hobbling the deal, as well as claims by each party that the other had broken its contact.
"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
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
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