Williams Companies Inc (WMB.N) made an unsolicited $4.9 billion cash bid for Southern Union Co (SUG.N) in an attempt to top the pipeline company's $4.1 billion stock deal with rival Energy Transfer Equity LP (ETE.N) announced last week. Williams said on Thursday it proposed buying Southern Union for $39 a share, an 18 percent premium to Energy Transfer's $33 a share bid. Southern Union shares rose around 15 percent to $39.20 in after market trading. Williams also said the proposed deal would have no impact on the timing of its planned separation of its exploration and production business.
The Williams Companies, Inc. (Williams) is an integrated natural gas company focused on exploration and production, midstream gathering and processing, and interstate natural gas transportation primarily in the Rocky Mountains, Gulf Coast, Pacific Northwest, Eastern Seaboard and the Marcellus Shale in Pennsylvania. Shares of WMB fell by 0.31% or $-0.09/share to $29.23. In the past year, the shares have traded as low as $17.53 and as high as $33.47. On average, 6572240 shares of WMB exchange hands on a given day and today's volume is recorded at 9912682.
Southern Union Company (Southern Union) is engaged in the gathering, processing, transportation, storage and distribution of natural gas in the United States. Shares of SUG traded higher by 1.01% or $0.34/share to $34.15. In the past year, the shares have traded as low as $21.12 and as high as $34.36. On average, 1584590 shares of SUG exchange hands on a given day and today's volume is recorded at 9104542.
Energy Transfer Equity, L.P. (ETE) is a limited partnership company. Shares of ETE fell by 0.7% or $-0.32/share to $45.57. In the past year, the shares have traded as low as $29.49 and as high as $47.34. On average, 420686 shares of ETE exchange hands on a given day and today's volume is recorded at 326661.
