SAN DIEGO and TULSA,
Okla., May 13, 2015 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Williams Partners L.P.
(NYSE: WPZ) by Williams Companies, Inc. (NYSE: WMB). On
May 13, 2015, the two companies
announced the signing of a definitive merger agreement pursuant to
which Williams Companies will acquire Williams Partners.
Under the terms of the agreement, Williams Partners unitholders
will receive 1.115 shares of Williams Companies for each unit of
Williams Partners they own, the value of which is equivalent to
$55.86 per unit of Williams
Partners.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/williams-partners-lp
Is the Proposed Acquisition Best for Williams Partners and
Its Unitholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Williams Partners is undertaking a fair process to
obtain maximum value and adequately compensate its unitholders.
As an initial matter, the $55.86
merger consideration represents a premium of only 11.9% based on
Williams Partners' closing price on April
14, 2015. This premium is significantly below the average
one-month premium of nearly 20.1% for comparable transactions
within the past five years. Further, the $55.86 merger consideration is below the target
prices set by ten analysts ranging from $64.00, set by Ladenburg Thalmann & Co. on
May 11, 2015, and $56.00 set by BMO Capital Markets on February 26, 2015. In the last three years,
Williams Partners traded as high as $62.92 on November 21,
2014, and most recently traded above the offer price -
at $55.95 - on December 9, 2014.
On April 29, 2015, Williams
Partners reported strong quarterly earnings results for its first
quarter 2015. Adjusted EBITDA was $917
million, an increase of 19% from the first quarter of 2014,
and fee-based revenue was up 66% compared to last year. In
commenting on these results, the Chief Executive Officer of
Williams Partners' general partner, Alan
Armstrong, remarked, "First quarter 2015 results showed
strong fee-based revenue growth from the Atlantic-Gulf and
Northeast G&P operating areas as well as from the merger with
Access. We expect the second quarter to be even higher with
Gulfstar One and Keathley Canyon Connector nearing full production
and additional projects being placed in service such as the
Rockaway Lateral and the mainline portion of Leidy Southeast."
In light of these facts, Robbins Arroyo LLP is examining
Williams Partners' board of directors' decision to sell the company
now rather than allow unitholders to continue to participate in the
company's continued success and future growth prospects.
Williams Partners unitholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for unitholders and the disclosure of material
information. Williams Partners unitholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP