Williams Shareholders Vote “For” ETE Merger; Appeal Court Ruling

As the World TurnsYesterday 63% of Williams Companies shareholders voted in favor of a merger with Energy Transfer Equity at a specially called meeting at Williams’ HQ in Tulsa, Oklahoma. Specifically, they voted to approve the merger and receive their proceeds in all cash, thank you very much. Not that it makes a hill of beans worth of difference–because the deal is dead. Last Friday ETE won the right to walk away from the deal not owing Williams anything (see Court Says ETE Can Terminate Williams Merger; Williams Votes Today). As we’ve maintained for some time, this is all window dressing and legal posturing. Williams also said yesterday they will appeal the courts decision from last Friday, maintaining they (Williams) believes ETE is still contractually bound to buy (and more importantly pay) the big investors of Williams. Below are a pair of announcements from Williams about yesterday’s vote, along with some analysis…

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