Nearly Half of Williams Directors Resign
June 30 2016 - 6:30PM
Dow Jones News
Nearly half of the directors of Williams Cos. resigned Thursday
after they failed to oust the company's chief executive following
the company's collapsed merger with Energy Transfer Equity LP,
according to people familiar with the matter.
The resignations came following a closed-door board meeting in
which the bloc sought to replace Chief Executive Alan Armstrong,
the people said.
Chairman Frank MacInnis was among the directors that resigned,
as were a pair of activist investors, Keith Meister and Eric
Mandelblatt, the people said. All three championed the merger with
Energy Transfer, which Mr. Armstrong had opposed.
Last week, a Delaware judge ruled that Energy Transfer could
terminate the $33 billion takeover, which Energy Transfer's
chairman, Kelcy Warren, had come to regret as oil prices slid.
Energy Transfer on Wednesday notified Williams of its intent to
terminate the deal. Williams has appealed the Delaware ruling.
Write to Liz Hoffman at liz.hoffman@wsj.com and David Benoit at
david.benoit@wsj.com
(END) Dow Jones Newswires
June 30, 2016 19:15 ET (23:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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