Williams Cos. Says Delaware Court Will Expedite Suit Against Energy Transfer
April 14 2016 - 6:33PM
Dow Jones News
By Tess Stynes
Williams Cos. (WMB) said the Delaware Chancery Court will
expedite its suit against Energy Transfer Equity LP (ETE) over
private shares issued to help finance the pending $32.6 billion
merger of the two pipeline giants.
Tulsa, Okla.,-based Williams filed the lawsuit last week, as
well as a separate suit against Energy Transfer Chief Executive
Kelcy Warren. Williams accused its planned acquirer and the CEO of
violating the merger agreement with a private offering of debt.
During March, Energy Transfer issued convertible units to
certain investors, including its CEO, to raise funds to help cover
the $6 billion it will owe Williams investors when the deal closes.
Energy Transfer had proposed a convertible unit offering that would
have been open to the public, but it met resistance from
Williams.
Williams in its regulatory filing Thursday reiterated it remains
committed to completing the deal, which is set to close in the
current quarter.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 14, 2016 18:18 ET (22:18 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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