Williams Companies (WMB): Corvex Capital Asks For Board Overhaul

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Keith Meister‘s Corvex Capital has asked Williams Companies Inc (NYSE:WMB) to revamp its Board of Directors, either by replacing some of its existing members or by greatly extending the Board so that new directors would form a majority. The request was disclosed through an amended filing with the Securities and Exchange Commission. Corvex Capital holds roughly 30.9 million shares of Williams, the equivalent of 4.1% of its common stock.

In the same filing, Corvex Capital said that it no longer acts as a group together with Eric W. Mandelblatt‘s Soroban Capital Partners, as Messrs. Meister and Mandelblatt have both resigned from Williams Companies Inc (NYSE:WMB)’s Board of Directors. The two joined forces in 2014 in order to push for change in the company’s management or for a sale of the company, as ways to enhance shareholder value. None of their efforts succeeded though, as Energy Transfer Equity LP (NYSE:ETE) decided to pull the plug on its $20 billion deal to take control of Williams Companies, while attempts to sack CEO Alan Armstrong have also failed.

Keith Meister

At the end of the first quarter, approximately 19% of Williams Companies Inc (NYSE:WMB)’s common stock was held by 52 of the 766 actively-filing hedge funds in our database, down from 59 a quarter earlier. Jonathon Jacobson’s Highfields Capital Management increased its holding by 176% during the first three months of 2016, to 18.9 million shares. John Griffin‘s Blue Ridge Capital also held a sizable position in the stock, amounting to 5.69 million shares, up by 16% during the quarter.

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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
CORVEX MANAGEMENT 30,886,639 0 30,886,639 0 30,886,639 4.1%
KEITH MEISTER 30,886,639 0 30,886,639 0 30,886,639 4.1%
SOROBAN MASTER FUND 0 21,000,000 0 21,000,000 21,000,000 2.8%
SOROBAN CAPITAL GP 0 21,000,000 0 21,000,000 21,000,000 2.8%
SOROBAN CAPITAL PARTNERS 0 21,000,000 0 21,000,000 21,000,000 2.8%
SOROBAN CAPITAL PARTNERS GP 0 21,000,000 0 21,000,000 21,000,000 2.8%
ERIC W. MANDELBLATT 0 21,000,000 0 21,000,000 21,000,000 2.8%

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Page 1 of 11 – SEC Filing

Washington, D.C. 20549
(Amendment No. 8)*
Under the Securities Exchange Act of 1934
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
(CUSIP Number)
Keith Meister
Patrick J. Dooley, Esq.
Corvex Management LP
667 Madison Avenue
New York, New York 10065
(212) 474-6700
Eric W. Mandelblatt
Soroban Capital Partners LP
444 Madison Avenue, 21st Floor
New York, New York 10022
(212) 314-1300
Jeffrey Kochian, Esq.
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
New York, NY 10036
(212) 872-1000
Richard Brand
Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, NY 10281
(212) 504-5757
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
August 3, 2016
(Date of 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   .
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 person’s 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).
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