Shares of oil pipeline operator Williams Companies (WMB) soared 26 percent on Monday, after announcing on Sunday that’s its exploring strategic options. The stock is TheStreet’s Move of the Day. That announcement came on the heels of the company rejecting a takeover bid from Energy Transfer Equity (ETE) of $64 per share, which is a 32 percent premium to Williams closing price on Friday. Williams said the offer is not in line with the growth Williams is forecasting. In its release, the company did not specifically reference Energy Transfer Equity. Energy Transfer Equity confirmed its offer for Williams Companies on Monday and said the company had reached out on several occasions over the past six months regarding a merger. But Williams remained silent on the offers, until its public statement on Sunday. Kelcy Warren, ETE’s Chairman said in a statement: ‘I believe that a combination of Williams’ assets with ETE will create substantial value that would not be realized otherwise. Therefore, I am a strong proponent of this transformative combination and support the issuance of a significant amount of ETE securities to complete the transaction.’ TheStreet’s Scott Gamm reports from New York.
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