Williams Cos. recently emerged as the victorious party in a seven-year legal battle over its unsuccessful $33 billion merger with Energy Transfer LP. The pipeline operator successfully defended against a challenge from its competitor, resulting in a $495 million court win.
The case was ruled on by the Delaware Supreme Court, which decided in the favor of the Tulsa-based Williams, thereby maintaining a sequence of rulings made by Vice Chancellor Sam Glasscock III. Glasscock had previously apportioned blame for the failed transaction in 2016 to Dallas-based Energy Transfer, a company controlled by billionaire Kelcy Warren.
Justice N. Christopher Griffiths, who penned the 58-page opinion, fully upheld Glasscock’s rulings for Delaware Chancery Court. In these rulings, Williams was awarded $410 million in damages and an additional $85 million in legal fees. Moreover, Glasscock’s decision to dismiss a $1.48 billion breakup fee bid by Energy Transfer was also affirmed.
The court’s decision brings an end to what Justice Griffiths described as a “long-running legal saga [spanning] the better part of a decade.” This exhaustive litigation between the two parties over their collapsed merger has ultimately drawn to a close, bringing some resolution to the multimillion-dollar affair.
The full details of the ruling can be found in the original article published on Bloomberg Law.