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BRIEF-ETE files counterclaim saying Williams breached deal pact
May 26, 2016 / 9:07 PM / 2 years ago

BRIEF-ETE files counterclaim saying Williams breached deal pact

May 26 (Reuters) - Energy Transfer Equity Lp

* Filed its affirmative defenses and counterclaim in lawsuit brought by Williams Companies Inc.

* Counterclaim alleges that Williams has breached merger agreement entered into with ETE on September 28, 2015

* ETE seeks a declaratory judgment that Williams has breached merger agreement

* ETE seeks a judgment that due to Williams’ breaches of agreement, ETE is entitled to immediately terminate merger agreement

* In event Latham & Watkins is not able to deliver a tax opinion prior to June 28, 2016 ETE will be entitled to terminate agreement without penalty

* In event ETE is entitled to and terminates merger due to change of Williams recommendation of deal, Williams would owe ETE fee of $1.48 billion

* ETE believes that there is a substantial risk that closing condition relating to tax opinion will not be met or waived

* On May 24, district court of Dallas, Texas granted a motion to dismiss lawsuit brought by Williams against Kelcy Warren Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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