Williams Co Rejects $48 Billion Unsolicited Offer

Natural gas pipeline company Williams Companies Inc said on Sunday it is exploring strategic options after it received an unsolicited takeover proposal for $64 per share or $48 billion. Williams did not name the party who made the offer but it said its board determined the proposal "significantly undervalues" the company. Reports by Bloomberg and the Financial Times named the unsolicited bidder as Energy Transfer Equity, a portfolio company that owns energy assets with a market capitalization of $27.5 billion. Williams said it will continue with its definitive agreement to acquire all of the public outstanding shares of Williams Partners, which gathers, processes and transports natural gas.