Midstream & Transport Monitor - October 2, 2015

During one unsettled stretch of business while he was chairman and CEO of The Williams Cos. Inc., Joe Williams observed, “Everything is for sale but my wife and my huntin’ dog—and I’ll talk to you about the dog.” “But at what price?” might be the question some Williams shareholders are asking after the firm announced a merger Sept. 28 with Energy Transfer Equity LP (ETE). Williams shares, as well as Energy Transfer units, fell sharply following the announcement. The agreed-to, $37.7 billion price was below a $53.1 billion offer ETE made in June that was rejected as “significantly undervalued” by Williams’ board at the time. However, the underlying value of the transaction remains close to the earlier bid, given the decline in the two firms’ stock market value in recent weeks.