Judge rules in favor of ETE regarding merger with Williams

Posted at 3:46 PM, Jun 24, 2016
and last updated 2016-06-24 23:17:25-04

TULSA – This week a judge ruled in favor of the Energy Transfer Equity (ETE) regarding the court battle with Williams Company about the merger.

RELATED: Group of Williams Co. shareholders file motion in an effort to stall proposed merger

ETE, according to Reuters, won the ruling allowing them to back out of the more than $20 billion takeover of Williams Co. 

On Friday the Tulsa Regional Chamber leaders spoke about the decision saying “We anticipate this ruling will effectively end this merger attempt, but we would still encourage shareholders to vote ‘no’ on Monday."

Reuters went on to report that a Delaware judge ruled that ETE would not be breaching the merger agreement after it showed an tax issue in March that would prevent the deal from closing. Essentially, the judge's decision allows ETE to walk away from merger without repercussion. 

Williams said in a brief filed earlier this week that it would appeal any ruling in favor of ETE, says Reuters.