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Court ruling allows Energy Transfer to exit Williams buyout
HOUSTON, June 25, 2016 (PCW) -– The Delaware Court of Chancery ruled Friday that Energy Transfer is entitled to terminate its merger agreement with Williams should ETE’s lawyers be unable to deliver a tax opinion by June 28.
ETE has previously stated its lawyers Latham & Watkins would be unable to meet that deadline.
Williams, however, responded that ETE does not have the right to terminate the merger and said that if ETE opts to end the deal, Williams “will take appropriate actions to enforce its rights under the Merger Agreement and deliver its benefits to Williams’ stockholders.”
The Williams board is expected to vote on the deal on June 27. -- Samantha Hartke