Williams adoption of a limited duration shareholder rights plan
Davis Polk advised Williams Companies in connection with the adoption by its Board of a limited duration shareholder rights plan. Under the rights plan, the rights would become exercisable only if a person or group (including a group of persons who are acting in concert with each other) acquires beneficial ownership of 5% or more of Williams common stock in a transaction not approved by the Williams’s board of directors. The rights plan exempts passive investors and expires in 12 months.
Williams is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids.
The Davis Polk corporate team included partner Louis Goldberg and associates Morgan Lee and Andrew T. Wilson. Partner Andrew Ditchfield provided litigation advice. All members of the Davis Polk team are based in the New York office.