San Diego, CA -- (SBWire) -- 11/05/2015 --A shareholder in NYSE:WMB shares filed a lawsuit in effort to halt the proposed takeover of Williams Companies Inc by Energy Transfer Equity, L.P.
Investors who purchased shares of Williams Companies Inc (NYSE:WMB) and currently hold any of those NYSE:WMB shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:WMB stockholders by agreeing to sell Williams Companies Inc too cheaply via an unfair process to Energy Transfer Equity, L.P.
On September 28, 2015, Energy Transfer Equity, L.P. (NYSE:ETE) and The Williams Companies Inc (NYSE:WMB) announced a business combination transaction valued at approximately $37.7 billion, including the assumption of debt and other liabilities. Under the terms of the transaction, Energy Transfer Corp LP, an affiliate of Energy Transfer Equity, L.P, will acquire The Williams Companies Inc (NYSE:WMB) at an implied current price of $43.50 per NYSE:WMB share.
However, the plaintiff claims that the proposed consideration NYSE:WMB shareholders will receive is grossly inadequate and undervalues the Williams Companies Inc. Indeed, at least one analyst has set the high target price of NYSE:WMB shares at $63.00 per share and NYSE:WMB shares traded as high as $60.86 per share in June 2015. Furthermore, Williams Companies Inc reported that its annual Total Revenue rose from over $6.86 billion in 2013 to over $7.63 billion in 2014 and that its Net Income increased from $441 million in 2013 to over $2.11 billion in 2014. Shares of Williams Companies Inc (NYSE:WMB) reached in June 2015 as high as $60.86 per share. In addition, the plaintiff claims that the process is also unfair to NYSE:WMB stockholders. The plaintiff claims that by agreeing to deal protection devices, the defendants have locked up the proposed transaction and have precluded other bidders from making successful competing offers for the Williams Companies Inc
Those who are current investors in Williams Companies Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Williams Companies Inc (NYSE:WMB) Shareholder Alert: Lawsuit in Effort to Halt Takeover by Energy Transfer Equity
A lawsuit was filed for investors in shares of Williams Companies Inc (NYSE:WMB) in connection with the proposed takeover was announced and NYSE:WMB stockholders should contact the Shareholders Foundation.