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Energy Transfer ends buyout deal of Williams
HOUSTON, June 29, 2016 (PCW) –- Energy Transfer on Wednesday announced it would terminate its agreement to buy Williams.
Last Friday, the Delaware Court of Chancery gave ETE an exit from the $37.7 billion deal on the basis that the company’s lawyers would be unable to deliver a tax opinion by the closing date, which was Tuesday.
ETE’s lawyers, Latham & Watkins, had previously said it would be unable to deliver that opinion by the stated 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,” ETE said Wednesday.
Williams is appealing the court’s decision. On Tuesday, Williams’ shareholders voted in favor of the agreement, resulting in Williams stating it would take “appropriate actions to enforce its rights under the merger agreement.” –- Samantha Hartke