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Williams stockholders vote for merger; will appeal court ruling
HOUSTON, June 27, 2016 (PCW) –- Williams stockholders on Monday voted in favor of the troubled buyout with Energy Transfer, with Tulsa-based company saying it would appeal a court ruling that allowed the latter company to exit the deal.
On June 24, the Delaware Court of Chancery ruled that Energy Transfer is entitled to terminate its merger agreement with Williams should ETE’s lawyers be unable to deliver a tax opinion by Monday.
ETE has previously stated its lawyers Latham & Watkins would be unable to meet that deadline.
“While Williams appreciates the Court of Chancery’s consideration of this matter, Williams does not believe ETE has a right to terminate the merger agreement because ETE has breached the merger agreement by failing to cooperate and use necessary efforts to satisfy the conditions to closing, including delivery of Latham & Watkins LLP’s Section 721(a) tax opinion,” Williams said on Monday.
“If ETE terminates the merger agreement, Williams will take appropriate actions to enforce its rights under the merger agreement and deliver benefits to Williams’ stockholders,” Williams added.
Last September, ETE said it would acquire Williams for $37.7 billion. -– Samantha Hartke