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Williams Co exploring strategic options after unsolicited offer

Reuters

(Reuters) - Energy company Williams Companies Inc (WMB.N) said on Sunday it is exploring strategic options after it received an unsolicited takeover proposal.

The Williams board said it determined the unsolicited offer - which is contingent on termination of Williams' pending acquisition of Williams Partners LP (WPZ.N) - "significantly undervalues" Williams.

Williams said in May that it signed an agreement under which Williams will acquire all of the public outstanding shares of Williams Partners, which gathers, processes and transports natural gas.

"Our board and management team remain committed to acting in the best interests of shareholders, and in light of the unsolicited proposal, our board believes it is in the best interest of shareholders to conduct a thorough evaluation of strategic alternatives," Alan Armstrong, president and chief executive of Williams, said in a statement.

(Reporting by Jennifer Saba in New York)