Corvex Capital‘s boss, Keith Meister, and Soroban Capital Partners‘ Eric W. Mandelblatt have both resigned from Williams Companies Inc (NYSE:WMB) board of directors. Both resignations are documented in a recently amended filing with the Securities and Exchange Commission. Neither funds have reported a change in their holding of the stock. According to the filing, Corvex Capital holds approximately 41.7 million shares while Soroban Capital Partners owns 21 million shares, giving them ownership of 8.4% of Williams Companies’ common stock.
Both Mandelblatt and Meister stated that the board’s vote not to dismiss Williams Companies Inc (NYSE:WMB) CEO Alan Armstrong was the main reason behind their decision. Other four of the company’s directors have resigned as well. Mandelblatt and Meister have been voicing their concerns about Armstrong’s leadership since 2013 and have gone activist in a bid to remove him from his position and chart a new growth direction for the company.
A solution in the form of a takeover bid had presented itself last year. Energy Transfer Equity LP (NYSE:ETE) offered to buy Williams Companies in a $33 billion deal. However, as oil prices started to slide, Energy Transfer Equity started to have second thoughts about the deal and finally managed to terminate the agreement on June 29, 2016. For Mandelblatt and Meister, a merger with Energy Transfer Equity was the perfect solution: an opportunity to boost shareholder value and get rid of Alan Armstrong. The latter, on the other hand, was against the merger and continued to oppose it even after both parties reached the agreement.
Hedge fund interest in Williams Companies Inc (NYSE:WMB) registered a considerable decline during the first quarter, as the number of fund invested fell to 52 at the end of March, from 59 registered a quarter before. Jonathon Jacobson was very bullish on the stock, having increased his fund holding by 176% during the quarter to amass 18.9 million shares, as reported in Highfields Capital Management’s latest 13F filing. John Griffin‘s Blue Ridge Capital has also boosted its holding of the stock to approximately 5.7 million shares.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|SOROBAN MASTER FUND||0||21,000,000||0||21,000,000||62,682,960||8.4%|
|SOROBAN CAPITAL GP||0||21,000,000||0||21,000,000||62,682,960||8.4%|
|SOROBAN CAPITAL PARTNERS||0||21,000,000||0||21,000,000||62,682,960||8.4%|
|SOROBAN CAPITAL PARTNERS GP||0||21,000,000||0||21,000,000||62,682,960||8.4%|
|ERIC W. MANDELBLATT||0||21,000,000||0||21,000,000||62,682,960||8.4%|
Page 1 of 12 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Amendment No. 7)*
Under the Securities Exchange Act of 1934
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
Patrick J. Dooley, Esq.
Corvex Management LP
New York, New York 10065
Soroban Capital Partners LP
444 Madison Avenue, 21st Floor
New York, New York 10022
Jeffrey Kochian, Esq.
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
York, NY 10036
Cadwalader, Wickersham & Taft LLP
200 Liberty Street
York, NY 10281
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
June 30, 2016
Event which Requires Filing of this Statement)
If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule §240.13d-7
for other parties to whom copies are to be sent.
|*||The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information |
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).