The Williams Companies stockholders voted to approve its previously announced merger agreement with Energy Transfer Equity (ETE) despite a Delaware judge’s ruling that ETE can get out of the deal.
At the special meeting Monday more than 80% of votes cast favored the merger, representing more than 63% of all outstanding shares of common stock, according to Williams. The merger was announced on Sept. 28, 2015.
Williams filed an appeal in the Delaware Supreme Court on June 24 challenging A Delaware court’s earlier decision, stating the company does not believe ETE has a right to terminate the merger because ETE breached the terms by failing to cooperate and use necessary efforts to satisfy the conditions to closing, including delivery of Latham & Watkins LLP’s Section 721(a) tax opinion.
If ETE terminates the merger agreement, Williams said it will “take appropriate actions to enforce its rights.”