Energy Transfer Equity LP (NYSE: ETE) and Williams Cos. Inc. (NYSE: WMB) amended the terms of their $20 billion-deal agreement to reduce the number of days specified for completing some administrative requirements.
The amendment changes the deadline for the receipt of an election form to 20 business days from the date the form is mailed, or to three business days before the anticipated closing date of the deal—whichever is earlier. The earlier deadline was for 30 days prior to the closing of the deal.
Through the election form, Williams stockholders will choose if they want to receive money for their shareholdings in cash or stock.
This new timeline will give the companies time to renegotiate terms ahead of June 28—the deadline for the deal to close, people familiar with the matter told Reuters on May 2.
Energy Transfer also said in a regulatory filing on May 3 that the Securities and Exchange Commission (SEC) had requested for additional information about the deal to be included in the proxy statement, which the companies may not mail to shareholders before the SEC completes its review.
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