Energy Transfer, LP v. the Williams Companies, Inc.

Summary

The Supreme Court of Delaware affirmed the Court of Chancery’s rulings arising from the failed merger between Williams and Energy Transfer. It held that Williams did not adversely modify its board recommendation, did not materially breach the merger agreement, and that Energy Transfer’s preferred offering was not protected by the $1 billion equity-issuance exception. The court also upheld the $410 million reimbursement obligation and the award of reasonable attorney’s fees, including a contingent fee and compound interest.