6/20/16: Vote Yes and Ask for Cash (WMB, ETE)

By Igor Greenwald • June 20, 2016

Williams (NYSE: WMB) shareholders have until June 23 to vote in favor of the merger with Energy Transfer Equity (NYSE: ETE), and to tender their shares and request all cash, the highest-value option.

For more information, please see the latest Energy Strategist Weekly.

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Steve K

06/21/16 ‐ 3:02pm ET June 21, 2016 at 3:02pm ET

with todays move in ETE, are you still recommending taking cash vs. stock

Igor Greenwald

06/21/16 ‐ 3:07pm ET June 21, 2016 at 3:07pm ET

Yes, cash vs. equity is a breakeven proposition at an ETE unit price of $23.24

Peter

07/01/16 ‐ 11:43am ET July 1, 2016 at 11:43am ET

What do you make of half the board of WMB stepping down? Should I step down as a unitholder as well?

Igor Greenwald

07/12/16 ‐ 1:12am ET July 12, 2016 at 1:12am ET

There has been no change in our recommendation since we moved WMB to Hold last month. The board split and possible proxy fight don’t bother me for the moment; if anyting they’re short-term positives as management will be trying to woo institutional shareholders.

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