Williams Cos. (WMB) has rejected a bid from Energy Transfer Equity LP (ETE) that would have been worth $53.1 billion including the assumption of debt. Energy Transfer offered $64 per share, or $48 billion, in a deal structured to offer a 32.4% premium over the oil and gas pipeline operator’s Friday closing price. Williams responded by trumpeting its value as a standalone company and the growth prospects from its $13.8 billion acquisition of Williams Partners LP, which is still underway, but would have been cancelled under Energy Transfer’s deal. Williams has hired advisers to run a strategic review. Energy Transfer Equity said the offer, which has been in the works for six months, was made on May 19 to Armstrong and on June 11 and 18 to the company’s board after Williams’ announcement that it was buying Williams Partners. It thinks its offer is more compelling and is ‘disappointed’ that it had to publicly confirm its offer for Williams. The Deal’s Senior Reporter Lisa Allen has the details from New York.
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