Williams (NYSE:WMB) is reaffirming its interest in acquiring Southern Union (SUG) for what it says is a better deal that Energy Transfer Equity (NYSE:ETE) has offered.
Williams offered $44 per share in cash for the company, which it notes is a 4% premium over the closing price yesterday.
William’s said its proposal represents a greater value to shareholders than the Energy Transfer offer, based on the implied value of the offer given Energy Transfer’s trading prices, since that offer is a combination of cash and stock. And, Williams reiterated, its deal is not subject to any financing conditions, as it’s the Energy Transfer deal.
What’s in it for Williams? The company said the deal is an excellent strategic fit, and that the acquisition would immediately increase its cash flows and drive long term growth.
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