DALLAS – -In response to inquiries from stockholders, Energy Transfer Equity, L.P. today stated that despite recent turmoil in the world energy and financial markets, it is confirming its merger proposal, under which ETE would acquire all of the outstanding common stock of The Williams Companies, Inc. (NYSE: WMB) (“Williams” or “WMB”) at a fixed exchange ratio of 0.9358 ETE Corp shares for each Williams share, representing a 32.4% premium to the Williams common share closing price as of June 19, 2015, based on ETE’s unit price on the same date.
Despite comments made by Williams management to research analysts and WMB stockholders, ETE continues to be open to engaging in the strategic alternatives process announced by Williams, but only if it is fair and evenhanded and is not designed to disadvantage ETE (and ultimately WMB shareholders) or unduly restrict ETE’s ability to pursue the proposed transaction.
Regardless of whether ETE participates in the Williams process, ETE is ready to provide confidential information to WMB without material restrictions so that WMB and its Board can understand what ETE believes to be the truly unique and compelling investment and return characteristics available to the Williams stockholder from this combination.
In the event that ETE is unable to participate in the Williams process, ETE remains fully committed to taking the necessary steps to implement the proposed transaction with Williams (including soliciting against the Williams and Williams Partners L.P. (NYSE: WPZ) merger).
ETE continues to strongly believe that a merger with Williams and the addition of WPZ to its family of partnerships would create significantly more value for the Williams stockholders than the proposed merger of Williams and WPZ.