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Tuesday, June 23, 2015

Energy Transfer's Kelcy Warren Attempting Hostile Takeover of Midstream Giant Williams

From Bloomberg Business:
Williams Cos. rejected a takeover offer from pipeline magnate Kelcy Warren that aims to derail a consolidation of the North American natural gas and oil hauler, according to people familiar with the deal. 
Williams hired banks to explore alternatives to the $48 billion offer, according to a statement on Sunday that didn’t identify the bidder. The approach was from Warren’s Energy Transfer Equity LP, according to the people, who asked not to be named because the information is private. 
The $64-a-share bid “significantly undervalues Williams and would not deliver value commensurate with what Williams expects to achieve on a standalone basis,” according to a statement from the company. A spokesman from Williams declined to comment, while a representative of Energy Transfer didn’t return calls seeking comment.

Should a deal be done it would rank near the largest in the pipeline industry. The biggest so far is Kinder Morgan Inc.’s consolidation of its partnership assets last year that was valued at $48.9 billion when announced, according to data compiled by Bloomberg.
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