Williams Announces Revised Proposal to Acquire Southern Union for $44.00 per Share

Williams WMB announced today that it submitted an enhanced proposal to acquire Southern Union Company SUG for $44.00 per share in cash, for a total enterprise value of $9.4 billion. Williams conveyed the all-cash, premium proposal via a letter to the Special Committee of Southern Union's Board of Directors. Williams' enhanced proposal represents a premium of 10% over the nominal purchase price in Southern Union's recently revised agreement with Energy Transfer Equity, L.P. ETE, announced on July 5, 2011. The Williams proposal also represents a premium of 56% over Southern Union's closing share price of $28.26 on June 15, 2011, the last trading day prior to the initial Energy Transfer announcement.