Pipeline operator Southern Union Co (SUG.N) said on Wednesday it continues to back a takeover offer from Energy Transfer Equity (ETE.N), a day after rival bidder Williams Cos (WMB.N) said it was still prepared to pay $5.5 billion in cash for Southern Union. Southern Union's special committee said it determined that Williams' $44 a share cash bid "neither constitutes nor is reasonably likely to result in a superior offer." Williams wrote to Southern Union on Tuesday to let it know that its cash bid -- originally offered last month -- still stood, as it attempts to pry the pipeline company out of its deal with Energy Transfer. Williams said its bid was better than the Energy Transfer deal, because the value of the cash and stock transaction has fallen during the market turmoil.
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 2.45% or $1.02/share to $42.65. In the past year, the shares have traded as low as $22.02 and as high as $44.65. On average, 3557490 shares of SUG exchange hands on a given day and today's volume is recorded at 2428570.
Shares of ETE traded higher by 1.62% or $0.64/share to $40.06. In the past year, the shares have traded as low as $33.21 and as high as $47.34. On average, 584229 shares of ETE exchange hands on a given day and today's volume is recorded at 650565.
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 remained unchanged at $28.15. In the past year, the shares have traded as low as $17.72 and as high as $33.47. On average, 8988260 shares of WMB exchange hands on a given day and today's volume is recorded at 6387090.
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