The Williams Companies, Inc. announced Thursday that the Delaware Court of Chancery has granted the company’s motion to expedite the litigation commenced by Williams against Energy Transfer Equity, L.P.
The Tulsa-based company’s April 6 lawsuit against ETE challenges the private offering of Series A Convertible Preferred Units that ETE disclosed on March 9.
The litigation against ETE in the Delaware Court of Chancery seeks to unwind the private offering of Series A Convertible Preferred Units.
Williams also filed litigation against ETE founder Kelcy Warren in the District Court of Dallas County, Texas, as a result of the private offering that Williams’ alleges is tortious or wrongful interference with the merger agreement executed on September 28.
ETE has said that the lawsuits are without basis.
The Williams Board says that it is unanimously committed to enforcing its rights under the merger agreement entered into with ETE in September and to delivering the benefits of the merger agreement to Williams’ stockholders.
“Williams is committed to mailing the proxy statement, holding the stockholder vote and closing the transaction as soon as possible,” according to a statement.
“Williams remains committed to working with ETE to ensure the financial strength of the combined company, and believes that all ETE and Williams investors must be treated fairly and equitably. Williams looks forward to completing the transaction and delivering its benefits to the Company’s stockholders.”
