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In a report published Monday, Bank of America analyst Gabe Moreen moved to No Rating on
Williams Partners LPWPZ.
In the report, Bank of America noted, “We are moving to No Rating on Williams Partners, LP (WPZ) following the announcement by Williams (WMB), WPZ's general partner (GP), of a proposed merger of WPZ with and into Access Midstream Partners, LP (ACMP). WMB is proposing the merger of WPZ/ACMP following the completion of WMB's proposed acquisition of the 50% GP interest and 55.1mn units in ACMP held by Global Infrastructure Partners II (GIP) for $6.0bn, which is expected to close in 3Q14. The proposed merger includes a unit-for-unit exchange at a ratio of 0.85 ACMP units per WPZ unit. In addition, the proposed merger includes an option for WPZ unitholders to take either a one-time special cash payment of $0.81 per unit or an equivalent value of additional common units of ACMP.”
Williams Partners LP closed on Friday at $52.92.
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