The merger failed, and both companies remained independent. The event is widely studied as a case study in failed corporate mergers driven by changing market conditions and unmet closing conditions (specifically, tax opinions).
Energy stocks and oil prices collapsed during the negotiation period, making the deal significantly less attractive to ETE. energy transfer williams buyout
Williams shareholders were offered a combination of ETC common shares and cash ($6.05 billion in aggregate). The merger failed, and both companies remained independent
Following the termination, the companies engaged in legal disputes over termination fees. In 2023, the Delaware Supreme Court ruled that ETE was not entitled to a $1.48 billion breakup fee and had to pay Williams a $410 million reimbursement fee plus attorney fees. The merger failed