ETE & Williams Engage in More Posturing Before June 24 Deadline

As the World TurnsThe ongoing soap opera of whether or not Energy Transfer Equity really will buy Williams continues to play out. Yesterday ETE (and Williams) issued press releases announcing that Williams shareholders have until 5 pm on June 24 to provide their official voting documentation on the merger. ETE is careful to point out that Williams shareholders should hold on to their shares–not turn them in–until the merger is official and completed. ETE also says once they’ve voted on the merger, Williams shareholders can’t turn around and sell their Williams shares of stock until the final merger is either declared a “go” or a “no go.” The elaborate ands, ifs & buts in the ETE statement still leaves us wondering whether or not this is all just kabuki theater–a show–with no real intention of closing on the merger. Case in point: here’s what ETE’s lawyers said in yesterday’s announcement…

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