Energy Transfer Equity L.P. has announced that it has terminated its merger agreement with The Williams Co. Inc., effective 29 June 2016.
The Delaware Court of Chancery issued an opinion finding that ETE is contractually entitled to terminate the merger agreement with Williams in the event ETE’s counsel Latham & Watkins LLP were unable to deliver a required tax opinion prior to the 28 June 2016, outside date in the merger agreement. Latham told ETE that it was unable to deliver the opinion as of the outside date. ETE consequently provided written notice terminating the merger agreement due to failure of conditions under the merger agreement, including Latham’s inability to deliver the required tax opinion, as well as the other bases detailed in ETE’s filings in the Delaware lawsuit referenced above.
Williams has appealed the decision by the Delaware Court of Chancery to the Delaware Supreme Court.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/30062016/energy-transfer-equity-announces-termination-of-merger-agreement-2721/