Williams Cos. was granted early termination of the regulatory waiting period under antitrust laws this week, clearing the way for its proposed acquisition of Denver-based Barrett Resources. Under terms of the agreement announced last month (see Daily GPI, May 8), Williams made a cash tender offer to purchase 16 million shares of Barrett stock at $73 a share. The offer expires June 11.

To achieve the cash tender portion of the acquisition, Houston-based Williams received early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. After certain conditions have been satisfied, Williams’ tender offer will be followed by a second-step merger in which each remaining portion of Barrett’s stock (other than shares already held by Williams and its subsidiaries) would be exchanged for 1,767 shares of Williams’ stock.

The $2.8 billion cash-and-stock transaction is expected to be completed by the third quarter.

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