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Williams Wins Motion to Expedite Litigation Against ETE in Delaware Court of Chancery

TULSA, Okla.--(BUSINESS WIRE)--The Williams Companies, Inc. (NYSE: WMB) (“Williams” or “WMB”) today announced that the Delaware Court of Chancery has granted Williams’ motion to expedite the litigation commenced by Williams against EnergyTransfer Equity, L.P. (NYSE: ETE) (“ETE”) challenging the private offering of Series A Convertible Preferred Units that ETE disclosed on March 9, 2016.

As previously announced, Williams commenced litigation against ETE and 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 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.

The Williams Board is unanimously committed to enforcing its 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. Williams is committed to mailing the proxy statement, holding the stockholder vote and closing the transaction as soon as possible. Williams remains committed to working with ETE to ensure the financial strength of the combined company, and believes that all ETE and Williams investors must be treated fairly and equitably. Williams looks forward to completing the transaction and delivering its benefits to the Company’s stockholders.

The Williams Board has not changed its recommendation "FOR" the merger agreement executed on September 28, 2015. In addition to the receipt of Williams’ stockholder approval, the transaction remains subject to other customary closing conditions. Integration planning is underway. The transaction is expected to close in the second quarter of 2016.

Williams (NYSE: WMB) is a premier provider of large-scale infrastructure connecting North American natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. Headquartered in Tulsa, Okla., Williams owns approximately 60 percent of Williams Partners L.P. (NYSE: WPZ), including all of the 2 percent general-partner interest. Williams Partners is an industry-leading, large-cap master limited partnership with operations across the natural gas value chain from gathering, processing and interstate transportation of natural gas and natural gas liquids to petchem production of ethylene, propylene and other olefins. With major positions in top U.S. supply basins and also in Canada, Williams Partners owns and operates more than 33,000 miles of pipelines system wide – including the nation’s largest volume and fastest growing pipeline – providing natural gas for clean-power...


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