Williams CEO: Hope To Make Southern Union Merger Agreement By Tuesday
July 14 2011 - 10:01AM
Dow Jones News
Williams Cos. (WMB) expects Southern Union Co. (SUG) to accept
its $5.6 billion merger agreement within five days, Williams Chief
Executive Alan Armstrong said.
Williams expects the Southern Union board to share its business
data with Williams, conduct management meetings and ultimately
agree with the all-cash offer by Tuesday, Armstrong told Dow
Jones.
"It's fairly simple what we have to offer," Armstrong said. "We
don't think the decision process is real complex."
Williams is touting its all-cash offer as being a better deal
for Southern Union shareholders than the $5.1 billion
cash-and-stock offer being made by rival Energy Transfer Equity
Ltd. (ETE).
The Williams merger plan also has none of the special
deal-sweeteners included in the finished Energy Transfer bid, which
included consulting fees and other perks for Southern Union's chief
executive and chief financial officer.
"That would not be part of the merger agreement," Armstrong
said.
By Ben Lefebvre, Dow Jones Newswires; 713-547-9201;
ben.lefebvre@dowjones.com
Southern Union (NYSE:SUG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Southern Union (NYSE:SUG)
Historical Stock Chart
From Apr 2023 to Apr 2024