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Williams Affirms $44/Share Offer For Southern Union

DOW JONES NEWSWIRES Williams Cos. (WMB) reiterated its offer of $44 a share to take over rival pipeline company Southern Union Co. (SUG), saying recent market volatility underscores the benefits of its all-cash bid. Southern Union last month agreed to a cash-and-stock buyout from Energy Transfer Equity LP (ETE). Valued at $5.7 billion at the time, it trumped Williams's $5.6 billion offer. But Energy Transfer's latest offer included a common unit component. Southern Union holders can elect to receive $44.25 in cash or one Energy Transfer common unit. The price of the units was $39.42 as of Tuesday's close, and the cash component of the agreement is limited at 60% of the aggregate consideration of the deal. The common unit component can fluctuate between 40% and 50%. Tuesday, Williams said its offer represents value certainty and a premium of 4% over the implied valued of the Energy Transfer offer, assuming Southern Union shareholders elect the maximum cash percentage under that agreement. "Southern Union's current agreement with Energy Transfer includes illiquid partnership units whose value will be exposed to equity markets in the months until closing and beyond," Williams Chief Executive Alan Armstrong said in a release, adding that his company was "ready and excited" to quickly sign a merger agreement with Southern Union. The winner in the bidding war would grow to be the largest natural gas pipeline company in the U.S. Southern Union shares were up 1.9% at $42.40 in after-hours trading, while Williams's shares were up 0.2% at $28.21. Energy Transfer's shares weren't active after hours. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Southern Union (SUG)
DateTimeHeadline
02/15/201217:41:12Energy Transfer Partners 4Q Profit Slips 8.9%; ETE Net Up 13%
01/09/201210:52:24Energy Transfer Partners to Issue $2 Billion in US Debt Markets...
12/09/201114:41:41Southern Union Shareholders Approve Energy Transfer Equity Deal
10/28/201118:27:19Williams Takes Another Look At Southern Union Assets - Filing
10/17/201117:54:08Natural Gas Pipelines Deals May Touch Off More M&A Activity
10/12/201118:58:34Energy Transfer Rejects Williams Request For Southern Assets
08/17/201111:04:48Southern Union Spurns Williams Takeover Offer Of $44 A Share
08/16/201117:38:46Williams Affirms $44/Share Offer For Southern Union
08/15/201120:35:49WSJ: Big Investment Funds Mixed On Approach To Bank Investments...
08/15/201118:51:36Harbinger Reports More Energy And Gadgets But No NY Times Stake
08/15/201118:19:04Icahn Reports New Stakes In Vector Group, El Paso - Filing
08/09/201111:14:47Williams CEO: Evaluating All Options In Bid War For Rival Southern...
08/03/201116:58:26Williams Cos 2Q Profit Up 23% On Performance
07/19/201113:32:54Energy Transfer, Southern Union Reach New $5.7 Billion Deal
07/14/201110:01:36Williams CEO: Hope To Make Southern Union Merger Agreement By...
07/14/201108:59:47Williams Cos Raises Bid For Southern Union To About $5.6 Billion
07/14/201108:59:34INSIDE TRACK: Energy Transfer Equity Chairman Buys Up More Units
07/05/201115:17:37MARKET SNAPSHOT: U.S. Stocks Retreat After Best Week In Two Years
07/05/201107:25:14CORRECT: Energy Transfer Revises Deal To Buy Southern Union With...
07/05/201107:07:01Energy Transfer Revises Deal To Buy Southern Union With Sweetened...

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