By Alison Sider
Natural-gas pipeline giant Williams Cos. has rejected an
unsolicited buyout offer worth $48 billion but is open to other
offers, the company said Sunday.
Williams announced Sunday evening that it was approached about
an all-stock deal valued at $64 a share. The company said it won't
accept the offer, but has retained Barclays and Lazard to pursue
alternatives, including a merger, a sale of the company or simply
continuing on its current path.
Williams didn't identify who made the buyout offer.
"The Williams Board carefully considered the unsolicited
proposal and determined that it significantly undervalues Williams
and would not deliver value commensurate with what Williams expects
to achieve on a standalone basis and through other growth
initiatives, including the pending acquisition of" Williams
Partners the company said in a statement.
In May, Williams said it planned to absorb its subsidiary,
Williams Partners LP, in a $13.8 billion deal. At the time, the
company said that simplifying its corporate structure would make it
more efficient and better able to grow.
On Sunday, Williams said the offer it rejected was contingent on
that simplification process being called off.
Write to Alison Sider at alison.sider@wsj.com
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