Energy Transfer Equity Announces Chancery Court Decision in Litigation with the Williams Companies
The Chancery Court’s opinion stated:
“Because I conclude that Latham, as of the time of trial, could not in
good faith opine that tax authorities should treat the specific exchange
in question as tax free under Section 721(a); and because Williams has
failed to demonstrate that the Partnership has materially breached its
contractual obligation to undertake commercially reasonable efforts to
receive such an opinion from Latham, I find that the Partnership is
contractually entitled to terminate the Merger Agreement, assuming
Latham’s opinion does not change before the end of the merger period,
Latham has advised ETE that it is currently unable to deliver the
opinion, and ETE does not believe that Latham will be able to render the
opinion prior to
Forward-looking Statements
This communication may contain forward-looking statements. These
forward-looking statements may include, but are not limited to,
statements regarding the merger of the Partnership and Williams, the
expected future performance of the combined company (including expected
results of operations and financial guidance), and the combined
company’s future financial condition, operating results, strategy and
plans. Forward-looking statements may be identified by the use of the
words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,”
“would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,”
“opportunity,” “designed,” “create,” “predict,” “project,” “seek,”
“ongoing,” “increases” or “continue” and variations or similar
expressions. These statements are based upon the current expectations
and beliefs of management and are subject to numerous assumptions, risks
and uncertainties that change over time and could cause actual results
to differ materially from those described in the forward-looking
statements. These assumptions, risks and uncertainties include, but are
not limited to, assumptions, risks and uncertainties discussed in the
Registration Statement on Form S-4, which was declared effective by
the U.S. Securities and Exchange Commission (the “SEC”) on May 25, 2016
(the “Form S-4”) and in the most recent Annual Report on Form 10-K for
each of the Partnership,
Additional Information
This communication does not constitute an offer to buy or solicitation
of an offer to sell any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the requirements
of Section 10 of the U.S. Securities Act of 1933, as amended. This
communication relates to a proposed business combination between the
Partnership and Williams. In furtherance of the proposed business
combination and subject to future developments, the Partnership, ETC and
Williams have filed a registration statement on Form S-4 with
the SEC and a proxy statement/prospectus of WMB and other documents
related to the proposed business combination. This communication is not
a substitute for any proxy statement, registration statement, prospectus
or other document the Partnership, ETC or Williams may file with
the SEC in connection with the proposed business combination. The
registration statement of ETC was declared effective by the SEC on May
25, 2016. INVESTORS AND SECURITY HOLDERS OF THE PARTNERSHIP AND WILLIAMS
ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS
AND OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE
The Partnership and its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the directors and officers of the Partnership’s general partner is contained in the Partnership’s Annual Report on Form 10-K filed with the SEC on February 29, 2016 (as it may be amended from time to time). Additional information regarding the interests of such potential participants is included in the proxy statement / prospectus and other relevant documents filed with the SEC. Investors should read the proxy statement / prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the Partnership using the sources indicated above.
Williams and its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding the directors and officers of Williams is contained in Williams’ Annual Report on Form 10-K filed with the SEC on February 26, 2016 (as it may be amended from time to time). Additional information regarding the interests of such potential participants is included in the proxy statement / prospectus and other relevant documents filed with the SEC. Investors should read the proxy statement / prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from Williams using the sources indicated above.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160624005785/en/
Source:
Investor Relations:
Energy Transfer Equity, L.P.
Brent
Ratliff, 214-981-0795
or
Lyndsay Hannah, 214-840-5477
or
Media
Relations:
Granado Communications Group
Vicki Granado,
214-599-8785
mobile: 214-498-9272
or
Brunswick Group
Steve
Lipin, 212-333-3810
or
Mark Palmer, 214-254-3790