US energy firm rejects pipeline tycoon's US$48b takeover offer
Including debt and other liabilities, the bid from billionaire Kelcy Warren is worth US$53.1b
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New York
WILLIAMS Cos has rejected a US$48 billion stock-based takeover offer from pipeline magnate Kelcy Warren that aims to derail a consolidation of the North American natural gas and oil hauler.
Williams hired banks to explore alternatives to the offer, that it said undervalued the group, according to a statement on Sunday that didn't identify the bidder. The offer of shares in a new unit was valued at US$64 a share, a 32 per cent premium to Williams' last close, Energy Transfer Equity LP said in a statement confirming it was the bidder. Including debt and other liabilities, the offer is worth US$53.1 billion, according to the statement.
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