Williams Tries, One Last Time, to Garner Support for ETE Merger
Yesterday Williams published a letter from Institutional Shareholder Services (ISS)--a "leading proxy advisory firm"--recommending that shareholders in Williams should vote "yes" on the merger with Energy Transfer Equity (ETE). Williams will hold a special shareholder's meeting on Monday, June 27, to vote on the proposed merger. Even if a majority votes in favor of the merger--far from a foregone conclusion--it's still not a done deal. ETE continues to assert that expert opinions on the taxability of the merger may scuttle the deal. Just a few weeks ago ETE sued Williams to abort the deal (see Midstream Soap: ETE Sues to Walk Away from Williams Takeover Deal). We view all of this--voting for the merger, etc.--as posturing. Fodder for the lawyers to use after the deal fails to consummate. Here's the latest in our ongoing soap opera that we call, As the (Midstream) World Turns...
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