Williams Accepts ETE’s “Indecent Proposal” – Price Went Down $10B
In the end, Williams decided that the takeover/merger proposal from Energy Transfer Equities (ETE) wasn't so indecent after all. In June, ETE's billionaire CEO Kelsy Warren revealed he had been propositioning Williams for over six months--offering Williams $64 per share to buy the company, totaling $48 billion (see Energy Transfer Makes “Indecent Proposal” to Buy Williams for $48B). Sometimes life imitates art. Like the movie Indecent Proposal, Williams (Demi Moore's character) played hard to get but in the end announced, yesterday, they would accept ETE/Warren's (Robert Redford's character) offer. The price, however, has changed. The final deal will now be $37.7 billion total, or $43.50 per share. It's easy to Monday morning armchair quarterback, but obviously Williams should have taken the earlier offer. The question now is, what will investors (Woody Harrelson's character) think in the morning?...
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