This is not the first time Williams has been left in the lurch by potential suitors. Last year, Energy Transfer Equity LP ETE struck an agreement with Williams for $33 billion. This agreement came on the back of a continuous drop in oil price beginning September 2014. Before this, Williams rejected $53.3 billion unsolicited offer from the same suitor.
As far as the current withdrawal, Enterprise Products blamed the leakage of its engagement for a possible acquisition. Following the news, Williams shares surged 19.5 percent between August 18 and September 8.
Timeline Of The Saga
- June 22, 2015: Williamson rejects $53 billion acquisition offer from Energy Transfer.
- September 29, 2015: Energy Transfer agrees to buy Williams for $33 billion.
- June 28, 2016: $33 billion deal with Energy Transfer Equity fell apart.
- August 18, 2016: Reuters reported Enterprise Products proposal to acquire Williams.
- September 8, 2016: Enterprise Products withdraws its acquisition offer.
At time of writing, Williams was down 3.29 percent on the day, trading at $30.12.
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