Williams Cos. Sue ETE, Chairman Over Stock Offering - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

News

Williams Cos. Sue ETE, Chairman Over Stock Offering

Posted: Updated:
TULSA, Oklahoma -

Tulsa's Williams Companies has sued Energy Transfer Equity and its chairman to "unwind" a private unit offering that Williams says interferes with a planned merger of the two firms. 

In a suit filed in Delaware, Williams says Energy Transfer’s recent offering of convertible preferred units breached a merger agreement and gives ETE investors preferential treatment.

"Williams has commenced litigation to protect the interests of its stockholders. The litigation is intended to ensure that Williams’ stockholders will receive the consideration to which they are entitled under the merger agreement," the company said in a news release.

Williams also filed a complaint in a Texas state court against Energy Transfer’s chairman, Kelcy Warren, accusing him of wrongfully interfering in the merger deal. 

Williams Cos. says it still plans to  hold a stockholder vote and close the transaction as soon as possible.

"Williams remains committed to working with ETE to ensure the financial strength of the combined company, provided that all ETE and Williams investors are treated fairly and equitably. Williams looks forward to completing the transaction and delivering its benefits to the Company’s stockholders."

3/29/2016 Related Story: Tulsa Economy Takes Big Hit With Williams Layoffs, Canceled Outlet Mall

Special Features

Live Traffic

Get the latest road conditions on Green Country roadways.

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.

CBS Shows

Watch your favorite CBS shows for free online.

Links

Looking for a website or event you heard mentioned on News On 6? Find it here!

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive

Special Coverage

  • Bridge Tracker

    How safe are Oklahoma's bridges? Use Bridge Tracker to find out now.

  • Fallen Heroes

    News On 6 honors our fallen Oklahoma heroes. View our interactive timeline.

  • Murrah Bombing Timeline

    Learn more about the events leading up to and following the bombing.

  • Storm Zone

    Watch tornadoes tear across Oklahoma and learn how to stay safe!

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.