The Williams Companies, Inc. inched closer to sealing the deal with merger partner, Energy Transfer Equity, L.P on Monday. In a company press release, Williams announced that the election deadline for its stockholders regarding the ETE merger acquisition is June 24, 2016 at 5 p.m. Eastern Daylight Time.
If registered Williams stockholders desire to make an election, they must send an election form to merger exchange agent American Stock Transfer & Trust Company, LLC prior to the deadline, according to the press release. Williams stockholders were advised to keep their current Williams common stock certificates at this time. Following the merger completion, further instructions will be provided in order to exchange stock certificates. If Williams common stock is held in street name, Williams stockholders should follow the election instructions provided by their broker, bank or nominee.
Williams stockholders will be unable to transfer or sell Williams common stock until the merger acquisition is complete if an election form is submitted to AST. If Williams stockholders desire the ability to transfer or sell their shares of Williams common stock between the election deadline and the merger’s conclusion, they should forego filing an election form, according to the press release.
The Williams/ETE merger was announced last September; however, the merger soured as the closing deadline was pushed off, removing much of the significant economic savings that were to be attributed to the merger. The merger has been contentious with Williams filing several lawsuits against ETE. For now, it appears that the merger is moving forward.
