Yesterday MDN brought you a story of how the Williams/Energy Transfer Equity merger defies logic (see Williams/ETE Merger Defies Logic – Here’s Why). Part of that story deconstructs the support for the deal by proxy advisory firm Institutional Shareholder Services (ISS). The analyst we quote in that article says ISS is buying Williams’ line that Williams’ assets after a merger with ETE will produce boatloads of cash and profit for the newly merged company, while the very same assets apart from the merger won’t. Even though the merged company will have an enormous load of new debt following the merger. It defies logic. And yet, Williams has found two more proxy advisory firms who are now willing to go on the record, like ISS, in support of the merger. What do they see that we don’t? Tune in to this episode of As the (Midstream) World Turns…
Yesterday MDN brought you a story of how the Williams/Energy Transfer Equity merger defies logic (see Williams/ETE Merger Defies Logic – Here’s Why). Part of that story deconstructs the support for the deal by proxy advisory firm Institutional Shareholder Services (ISS). The analyst we quote in that article says ISS is buying Williams’ line that Williams’ assets after a merger with ETE will produce boatloads of cash and profit for the newly merged company, while the very same assets apart from the merger won’t. Even though the merged company will have an enormous load of new debt following the merger. It defies logic. And yet, Williams has found two more proxy advisory firms who are now willing to go on the record, like ISS, in support of the merger. What do they see that we don’t? Tune in to this episode of As the (Midstream) World Turns…