Williams Affirms Proposal to Acquire Southern Union for $44.00 per Share in Cash

Williams WMB today affirmed its strong interest in acquiring Southern Union Company SUG for $44.00 per share in cash. Williams conveyed its proposal via a letter to the Special Committee of Southern Union's Board of Directors. Williams' all-cash proposal represents value certainty of $44.00 per share to Southern Union shareholders. The Williams proposal represents a premium of 4% over the implied value of the agreement with Energy Transfer Equity, L.P. ETE of $42.32 based on the closing price of Energy Transfer units on Tuesday, August 16, 2011, assuming Southern Union shareholders elect the maximum cash percentage under that agreement. Williams' proposal also represents a material premium to the implied value of the Energy Transfer deal based on any recent average trading price of Energy Transfer units, including one-week, one-month, three-month, six-month and one-year averages.