Energy Transfer Equity Terminates Merger Agreement with The Williams Companies
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Energy Transfer Equity, L.P. has terminated its merger agreement with The Williams Companies, Inc. effective June 29, 2016.
On Friday, June 24, 2016, the Delaware Court of Chancery issued an opinion finding that ETE is contractually entitled to terminate the merger agreement with Williams in the event ETE’s counsel Latham & Watkins LLP were unable to deliver a required tax opinion prior to the June 28, 2016, outside date in the merger agreement. Latham advised ETE that it was unable to deliver the opinion as of the outside date. Consistent with its rights and obligations under the merger agreement, ETE subsequently provided written notice terminating the merger agreement due to failure of conditions under the merger agreement, including Latham’s inability to deliver the required tax opinion, as well as the other bases detailed in ETE’s filings in the Delaware lawsuit referenced above.
Williams has appealed the decision by the Delaware Court of Chancery to the Delaware Supreme Court.
About Energy Transfer Equity
Energy Transfer Equity, L.P. is a master limited partnership that owns the general partner and 100 percent of the incentive distribution rights (IDRs) of Energy Transfer Partners, L.P. and Sunoco LP. ETE also owns approximately 2.6 million ETP common units and approximately 81.0 million ETP Class H Units, which track 90 percent of the underlying economics of the general partner interest and IDRs of Sunoco Logistics Partners L.P. On a consolidated basis, ETE’s family of companies owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines.
To stop by Energy Transfer Equity’s website, CLICK HERE
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