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Enterprise (EPD) Withdraws Takeover Offer for Williams
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Enterprise Products Partners L.P. (EPD - Free Report) recently made a public announcement that it has withdrawn its takeover bid for rival, Williams Companies, Inc. (WMB - Free Report) . The partnership cited Williams’ lack of engagement as the reason behind the move.
Per sources, Enterprise Products Partners made a second, all-stock offer for Williams in late August. The revised bid upped the offer made earlier in the summer. However, the partnership did not receive any official response from Williams both times.
Enterprise Products Partners issued a statement mentioning that though it does not comment on market rumors or speculations, the movements in its stock price as well as questions from its investors drove it to make the withdrawal public.
According to the sources, Williams’ board had been in the process of evaluating the Enterprise Products Partners bid, but the full board had not yet assembled to contemplate over the new offer.
Enterprise Product Partners had initially approached Williams after peer Energy Transfer Equity, L.P. backed out of agreed-upon takeover of the company in June. Following an unsuccessful attempt to overthrow the company's chief executive officer, Alan Armstrong, nearly half of Williams' board resigned.
Enterprise Products Partners, a leading master limited partnership (MLP), is engaged in providing a wide range of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGL), and crude oil.
The partnership's assets include about 49,000 miles of onshore and offshore pipelines, approximately 225 million barrels of storage capacity for NGLs, refined products and crude oil, and 14 billion cubic feet of natural gas storage capacity.
Enterprise Products Partners currently carries a Zacks Rank #3 (Hold). Another better-ranked player from the energy sector is Enviva Partners L.P. (EVA - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Enterprise (EPD) Withdraws Takeover Offer for Williams
Enterprise Products Partners L.P. (EPD - Free Report) recently made a public announcement that it has withdrawn its takeover bid for rival, Williams Companies, Inc. (WMB - Free Report) . The partnership cited Williams’ lack of engagement as the reason behind the move.
Per sources, Enterprise Products Partners made a second, all-stock offer for Williams in late August. The revised bid upped the offer made earlier in the summer. However, the partnership did not receive any official response from Williams both times.
Enterprise Products Partners issued a statement mentioning that though it does not comment on market rumors or speculations, the movements in its stock price as well as questions from its investors drove it to make the withdrawal public.
According to the sources, Williams’ board had been in the process of evaluating the Enterprise Products Partners bid, but the full board had not yet assembled to contemplate over the new offer.
Enterprise Product Partners had initially approached Williams after peer Energy Transfer Equity, L.P. backed out of agreed-upon takeover of the company in June. Following an unsuccessful attempt to overthrow the company's chief executive officer, Alan Armstrong, nearly half of Williams' board resigned.
ENTERPRISE PROD Price
ENTERPRISE PROD Price | ENTERPRISE PROD Quote
Enterprise Products Partners, a leading master limited partnership (MLP), is engaged in providing a wide range of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGL), and crude oil.
The partnership's assets include about 49,000 miles of onshore and offshore pipelines, approximately 225 million barrels of storage capacity for NGLs, refined products and crude oil, and 14 billion cubic feet of natural gas storage capacity.
Enterprise Products Partners currently carries a Zacks Rank #3 (Hold). Another better-ranked player from the energy sector is Enviva Partners L.P. (EVA - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>